ISLAMABAD - Pakistan Tuesday thanked the United Arab Emirates for its decision to roll over the $2 billion deposit by the Abu Dhabi Fund.
Foreign Office spokesperson Zahid Hafeez Chaudhri said Pakistan greatly appreciates the UAE’s continued support and cooperation.
“The UAE’s decision to roll-over the USD 2 billion deposited by the Abu Dhabi Fund, conveyed during Foreign Minister Shah Mahmood Qureshi’s just concluded visit to the UAE is yet another manifestation of the close cooperative relations between the two countries,” he said.
The UAE in January 2019 had extended the repayment of a $2 billion deposit given to Pakistan by the Abu Dhabi Fund for Development to boost liquidity and help overcome financial crisis faced by the country.
The announced was made after a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and FM Qureshi. Islamabad was scheduled to repay this $2 billion funds to ADFD by April 19, 2021. A total of $3 billion lifeline was deposited by the UAE with the State Bank of Pakistan in January 2019 to help fill current account deficit gap and improve foreign exchange reserves to support Pakistan’s currency.