UAE rolls over $2 billion to Pakistan

[FOOLS_NIGHTMARE]

• SBP's foreign reserves drop to $4.3 billion.
• Reserves to cover just three weeks of imports.
• UAE's support some respite for struggling economy.

The Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with the State Bank of Pakistan (SBP), the country's top economic manager announced late Wednesday, a move that would create some much-needed room in the country's cramped fiscal space.

"Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with State Bank of Pakistan, as discussed by #PM @CMShehbaz with His Highness the President of UAE during last week’s official visit to UAE! Long live Pak-UAE friendship!," Finance Minister Ishaq Dar announced in a tweet.

https://twitter.com/i/web/status/1615754705900298241

The UAE, on January 12, agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan, the country's information minister had said, as the country's central bank foreign reserves fell to just three weeks' worth of imports.

The UAE's financial support offered some respite to the country that is still reeling from devastating nationwide floods that have caused more than $30 billion of damage.

The loan announcements came as Pakistan's prime minister, Shehbaz Sharif, kicked off a two-day visit to the United Arab Emirates. "This support will help us tide over economic difficulties," Sharif said in a statement.

He met UAE President Sheikh Mohammed bin Zayed al-Nahyan and was due to discuss business and economic opportunities with other officials and business leaders, Information Minister Marriyum Aurangzeb said.

The International Monetary Fund's ninth review to clear the release of a further $1.1 billion tranche of funds to Pakistan has been pending since September, so external financing is crucial for the country's broken economy.

Foreign exchange reserves held by SBP fell to a critical level of $4.3 billion, the bank said, barely enough for three weeks of imports.

Net foreign exchange reserves held by commercial banks stood at $5.8 billion, and total liquid reserves at $10.1 billion, the bank added.

UAE rolls over $2 billion to Pakistan

UAE's financial support offers much-needed respite as economy struggles to remain afloat

www.geo.tv

 

[AlKardai]

Thank god we're good at begging

 

[SaadH]

What a unique and sustainable survival model. Other countries in the region and beyond should follow this tried and tested method of sustainability.

 

[lastofthepatriots]

I used to think the bhartoids were master scammers…

 

[villageidiot]

Now this is the face of a man right after he gave the MBZ a befitting reply and the best head MBZ ever got

Thank god we're good at begging

Qasme!!! It's out gift from the Almighty.

 

[Abid123]

Country of 230 million has to beg for 2 billion dollars. I don't know if I should cry or laugh......

 

[Jango]

Yeh naray long live aur zindabad kay tab maro jab koi karnama karo ya joint partnership ho ya development ho, not of bheek.

 

[ali_raza]

such a shame the people who use to take pride they are close to pakistan are now giving us charities
wht a fall from grace
no one wonders how this happened
i know exactly hpw this happened but i stopped giving advices to my fellow pakistanis

 

[Super Falcon]

For how long we keep doing that we need total democracy with new faces with proper result new constitution who ever wins answerable for each and everything not allowed to run away once elected for next ten years out of country and establishment should be out for ever from politics

There should tell people where they used these funda and outcome of it these funds we have to return one day invest in those sectors where these can generate funds specially in energy and agriculture section for fast recovery of money and we return that amount

 

[flameboard]

Thank god we're good at begging

Beggars can’t be choosers.
People seem to think incoming money is a handout, and forget it’s a loan that likely includes interest

 

[Bleek]

For how long we keep doing that we need total democracy with new faces with proper result new constitution who ever wins answerable for each and everything not allowed to run away once elected for next ten years out of country and establishment should be out for ever from politics

There should tell people where they used these funda and outcome of it these funds we have to return one day invest in those sectors where these can generate funds specially in energy and agriculture section for fast recovery of money and we return that amount

We need a system based on meritocracy!