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SBP receives $1b from UAE

ISLAMABAD: Pakistan today received US$ one billion from United Arab Emirates (UAE), State Bank of Pakistan reported.
According to SBP tweet, the amount has been received under an agreement signed on Tuesday, January 22 by
Governor State Bank of Pakistan, Tariq Bajwa and Director General of Abu Dhabi Fund for Development (ADFD), Mohammed Saif Al Suwaidi at ADFD Headquarters.
The ADFD on Tuesday had formalized an amount of US$3 billion (AED11 billion) to SBP with an aim to support Pakistan’s economic growth and to achieve the long-term objectives of its monetary policy.
The decision to formalize the deposit was made under the directives of the Sheikh Khalifa bin Zayed Al Nahyan, President, and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
It is pertinent to mention here that to date, ADFD has provided AED1.5 billion to fund sustainable development projects in Pakistan spanning diverse sectors, including transport, water and agriculture, healthcare, and education.

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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.