The United Arab Emirates (UAE) on Thursday has announced to roll over two billion dollars of deposits into Pakistan. The recent announcement came ahead of Prime Minister Shehbaz Sharif’s recent visit to the United Arab Emirates (UAE).
PM Sharif travelled to the UAE on Thursday during a two-day visit, with an aim to increase bilateral economic and trade ties, just days after the country’s Army chief General Asim Munir concluded his trip to the Gulf emirate.
Notably, Sharif led a delegation of key ministers during his third visit to the UAE since becoming prime minister of Pakistan during the last year. He was received by UAE’s Minister of Economic Affairs, Touq Al Mari, at the Abu Dhabi airport.
Meanwhile, the Pakistan Muslim League-N Punjab, in reference to the visit, stated that, “The recent visit by the Prime Minister of Pakistan, Muhammad Shahbaz Sharif to the United Arab Emirates has finally brought colours. The United Arab Emirates (UAE) in their final decision has rolled over two billion dollars of deposits. Prime Minister Shehbaz Sharif had talked to the UAE President about rolling over two billion dollars in negotiations.”
At the same time, Pakistani Minister of Finance, Ishq Dar took it to his official social media handle to share the update among the general audience, adding that, “Abu Dhabi Fund for Development (ADFD) has rolled over the deposit of 2 billion dollars with the State Bank of Pakistan, as discussed by #PM @CMShehbaz with His Highness the President of the UAE during the last week’s official visit to the United Arab Emirates! Long Live Pak-UAE friendship!”
Right now, the foreign reserves of Islamabad stand at 4.3 billion dollars, a record low since 2014, which forces the government to slap stringent control on imports, affecting the manufacturing and production sector of the nation.