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October 23, 2019
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$3bn balance of payment support: Pakistan, UAE to sign deal today  

ABU DHABI: Pakistan and the United Arab Emirates will sign an agreement for the US$3 billion balance of support package pledged by UAE to provide to Pakistan.

In December 2018, UAE had announced to extend a $3 billion support to Pakistan to boost the liquidity and foreign exchange reserves.

The pact for the package will be signed in a ceremony scheduled in Abu Dhabi. As per the pledge, the UAE will deposit $3 billion in the State Bank of Pakistan to support the country’s financial and monetary policy.

Sources privy to the development said that the amount would be paid to Pakistan in three instalments.

In December, Abu Dhabi Fund for Development had announced to deposit $3 billion in SBP. The pledge was made during the visit of Prime Minister Imran Khan.

The Emirates will also extend oil on credit facility amounting to $3.2 billion to Pakistan, besides the balance of payment support.