Home / Business / UAE deposits $3 billion in Pakistan

UAE deposits $3 billion in Pakistan

The UAE’s US$3 billion deposit with the State Bank of Pakistan has contributed to alleviating the country’s financial crisis and easing pressure on foreign exchange reserves, according to Pakistan’s State Minister for Revenues.

Hammad Azhar made the remarks today as he presented to the National Assembly Pakistan’s general budget with a total outlay of Rs 7.022 trillion for the fiscal year 2019-20, registering a growth of 30 percent against the revised budget of Rs 5.385 trillion for current fiscal year .

The minister underlined the importance of the financial aid received by his country from Saudi Arabia, which totaled $6.00 billion, and the UAE, as well as $6.00 billion from the International Monetary Fund, which, he said, have all helped stabilise Pakistan’s economy in general and the rupee in particular.

Source: WAM

Total Page Visits: 192 - Today Page Visits: 2

Check Also

Iran open to cooperation with US but within strategic limits

Iran may cooperate with the United States on oil and security in the Gulf, but …

Leave a Reply

Your email address will not be published. Required fields are marked *