Pakistan thanks UAE for $1 billion deposit with SBP

• "UAE support manifested Sheikh Mohamed deep affection for  Pakistan."
• PM reiterates resolve to translate bonds into mutually rewarding ties.
• Both leaders discussed further advancing economic cooperation.

Prime Minister Shehbaz Sharif expressed gratitude to UAE President Sheikh Mohamed bin Zayed for $1 billion deposit with the State Bank of Pakistan (SBP) in a telephonic conversation on Tuesday.

“The prime minister conveyed profound gratitude for His Highness’ firm support for the economic and financial stability of Pakistan which certainly manifested His Highness deep affection and care for the welfare of the people of Pakistan,” read a statement issued by the PM Office.

Last week, the UAE deposited $1 billion to the central bank's account as part of its financial commitment to help Pakistan secure the International Monetary Fund (IMF) bailout package.

The Washington-based lender last week approved a 9-month SBA for Pakistan for an amount of about $3 billion days after reaching a staff-level agreement with the country.

“Today, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program,” the global lender said in a statement.

Recalling his successful visit to UAE in January, the official statement said prime minister reiterated the common resolve of leadership in both countries to translate the fraternal bonds into mutually rewarding economic ties.

He also conveyed gratitude to His Highness for kind invitation for COP28 and appreciated UAE’s role in combating climate change. PM Shehbaz also expressed satisfaction on the discussion about prospective solutions to climate change challenges held during COP28 President-designate visit to Pakistan on 6th July 2023.

“Both the leaders discussed further advancing economic, trade and investment ties and creation of greater opportunities for the Pakistani workforce in the UAE,” the statement added.

The two sides also exchanged views on a range of regional and international issues of mutual interest.

Pakistan and UAE have a history of close relationship characterized by mutual trust and understanding, close cooperation, and an abiding tradition of supporting each other.

The UAE is home to 1.7 million Pakistanis, contributing to the progress, prosperity and economic development of the two brotherly countries.