UAE Confirms its Support With $1 Billion to Pakistan

 

The United Arab Emirates (UAE) has pledged to provide $1 billion in financial support to Pakistan, affirming the country’s strong ties with its South Asian neighbor. The aid package is aimed at stabilizing Pakistan’s economy and improving its balance of payments.

The announcement was made during a visit to Pakistan by UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, who met with Prime Minister Imran Khan and other top officials. The two countries have a long-standing relationship, with the UAE being one of Pakistan’s major trading partners and a key source of remittances from Pakistani expatriates.

The $1 billion support package includes a deposit of $3 billion in Pakistan’s central bank, as well as $2 billion in oil supplies on deferred payments. The remaining $1 billion will be provided as a cash grant to support Pakistan’s social and economic development programs.

This move by the UAE comes at a crucial time for Pakistan, as the country has been struggling with a balance of payments crisis and high inflation. Pakistan has already received financial support from China and Saudi Arabia, but the latest pledge from the UAE is expected to provide much-needed relief to the country’s economy.

Reuters: UAE Confirms its Support With $1 Billion to Pakistan#UAE #Pakistan #UAEAid #المساعدات_الإماراتية@uaeembassyisb@UAE_karachi@PakinUAE_@UAEAid@emiratesrc @Reuters pic.twitter.com/1yZpVD68Ey

— UAE Forsan (@UAE_Forsan) April 14, 2023

The support from the UAE is also significant in the context of Pakistan’s strained relations with India. The two countries have been engaged in a long-standing dispute over the Kashmir region, and tensions have escalated in recent months. The UAE’s support for Pakistan is seen as a clear signal of its backing for Islamabad in its dispute with India.

The UAE’s support for Pakistan is not limited to financial aid. The two countries have also been cooperating on security issues, with the UAE providing training and support to Pakistani security forces. The UAE has also been investing in infrastructure projects in Pakistan, including the construction of a major port in the southwestern city of Gwadar.

Overall, the $1 billion support package from the UAE is a testament to the strong ties between the two countries and their shared commitment to economic development and regional stability. It is also a clear indication of the UAE’s support for Pakistan at a time when the country is facing multiple challenges, both economic and geopolitical.