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Wed 12 Jun 2019 02:23 PM

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Pakistan hails UAE role in helping to alleviate economic crisis

Pakistan's State Minister for Revenues applauds UAE's $3bn deposit as he presents budget for 2019-20

Pakistan hails UAE role in helping to alleviate economic crisis

The UAE's $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 as he presented to the National Assembly Pakistan's general budget with a total outlay of Rs7.022 trillion for the fiscal year 2019-20, registering a growth of 30 percent against the revised budget for the current fiscal year .

In comments published by state news agency WAM, the minister underlined the importance of the financial aid received by his country from the UAE and Saudi Arabia, which totalled $6 billion as well as $6 billion from the International Monetary Fund.

He said the funds have all helped stabilise Pakistan's economy in general and the rupee in particular. 

The South Asian nation received $3 billion from the UAE following an agreement between the Abu Dhabi Fund for Development and the State Bank of Pakistan.

Pakistan is seeking financing from friendly countries to bridge the nation’s current account gap of at least $12 billion for the fiscal year ending June.