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Pakistan to soon receive second tranche of $2b from Abu Dhabi

ISLAMABAD: Abu Dhabi has agreed to deposit US$2 billion to the State Bank of Pakistan as part of its agreement to loan $3 billion to Islamabad.

A deposit agreement was made between the State Bank of Pakistan and the Abu Dhabi Fund for Development on Saturday.

The funds are expected to be received shortly.

In January, the State Bank of Pakistan received $1 billion of the $3 billion loan promised to the country by the UAE. The rate of return for the loan is 3%.

The agreement was signed by State Bank of Pakistan Governor Tariq Bajwa and the Abu Dhabi Development Fund chairperson.

The funds were to be transferred to Pakistan in three instalments. Pakistan’s foreign reserves went up to $14 billion from the previous $13 billion after the first instalment was transferred.

In December, the UAE announced a $3 billion bailout package for Pakistan to overcome its balance of payment issue under the Abu Dhabi Fund for Development.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.