Wednesday, 17 July 2019

Pakistan, Abu Dhabi sign agreement on $3b aid package

The Pakistan and United Arab Emirates have signed an agreement to grant a $3 billion loan to Islamabad.

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

The funds will be transferred to Pakistan in three installments. In the first installment, the UAE will reportedly transfer $1 billion to Pakistan by next week.

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.

The uncertainty around the International Monetary Fund package, which is super critical to take the economy out of crisis, kept investors away from the market in the second half of 2018. Foreign investors continued to offload their shares in the market throughout last year.

Given the delay in the IMF loan programme, the news of UAE aid package sent positive vibes to the investors, analysts had said.

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