ISLAMABAD, January 24: The State Bank of Pakistan has received $1 billion of the $3 billion grant promised to the country by the UAE. Two days ago, the Pakistan and UAE signed an agreement for a $3 billion grant to Islamabad. The agreement was signed by State Bank of Pakistan Governor Tariq Bajwa and the Abu Dhabi Development Fund chairperson. The funds were to be transferred to Pakistan in three installments. The first instalment has been transferred, taking Pakistan’s foreign reserves to $14 billion from the previous $13 billion.
In December, the UAE announced a $3 billion bailout package for Pakistan to overcome its balance of payment issue under the Abu Dhabi Fund for Development.
The uncertainty around the International Monetary Fund package, which is very critical to take the economy out of crisis, kept investors away from the market in the second half of 2018. Foreign investors continued to offload their shares in the market throughout last year. -Agencies
