Pakistan signs 3 billion dollar bailout package with UAE

Pakistan's Prime Minister Imran Khan (right) walks with Abu Dhabi's Crown Prince Sheikh Mohamed bin Zayed Al-Nahyan. Pic/AFP

Pakistan and the United Arab Emirates have signed a USD 3 billion bailout package to support the cash-strapped country even as its Prime Minister Imran Khan sought financial assistance from Qatar, media reports said.

According to the bailout agreement, signed in a ceremony in Abu Dhabi on Tuesday, the UAE will deposit USD 3 billion in the State Bank of Pakistan to support the country's financial and monetary policy, Geo News reported. The amount will be paid to Pakistan in three instalments. "UAE has formalized $3 billion deposit in the State Bank of Pakistan.

DG ADFD & the Governor SBP inked the agreement at #ADFD Headquarters in Abu Dhabi," Foreign Office spokesman Mohammad Faisal tweeted. The UAE had announced its intention to inject USD 3 billion cash into Pakistan via the Abu Dhabi Fund for Development in December last year.

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