UAE to deposit US$3 billion in State Bank of Pakistan

ABU DHABI: A month after Prime Minister Imran Khan's meeting with Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, the United Arab Emirates announced its intention to deposit US$3 billion (equivalent to AED11 billion) in the State Bank of Pakistan to support its financial and monetary policy, Emirates News Agency said Friday.The Abu Dhabi Fund for Development said, in a statement, that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the central bank.The country's support for Pakistan's fiscal policy is based on the historical ties between the two people and the two friendly countries and the desire to further develop the bilateral cooperation in all fields.The Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of AED1.5 billion, including AED931 million in grants. The funds covered projects in sectors such as energy, health, education and roads.The premier turned to Twitter on Friday to express his gratitude to UAE  for the financial support saying: "I want to thank the UAE govt for supporting Pakistan so generously in our testing times. This reflects our commitment and friendship that has remained steadfast over the years."