ABU DHABI: United Arab Emirates has announced its intention to deposit US$3 billion in the State Bank of Pakistan to support Pakistan’s financial and monetary policy, the state-run WAM news agency reported on Friday.

The Abu Dhabi Fund for Development said, in a statement today, that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the Bank.

“The country’s support for Pakistan’s fiscal policy is based on the historical ties between the two people and the two friendly countries and the desire to further develop the bilateral cooperation in all fields,” reads the statement issued by Abu Dhabi Fund for Development

The Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of 1.5 billion AED, including 931 million AED in grants. The funds covered projects in sectors such as energy, health, education and roads.

It is pertinent to note here that back in October, Saudi Arabia too agreed to give Pakistan $3 billion in foreign currency support for a year and a further loan worth up to $3 billion in deferred payments for oil imports to help stave off a current account crisis.

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