ISLAMABAD – Pakistan Foreign Exchange Reserves have witnessed suddenly surge as State Bank of Pakistan has received $1 billion of the $3 billionloan from UAE.
Two days ago, the Pakistan and UAE signed an agreement for a $3 billionloan to Islamabad. The rate of return for the loan is 3%.
The agreement was signed by State Bank of Pakistan Governor Tariq Bajwa andthe Abu Dhabi Development Fund chairperson.
The funds were to be transferred to Pakistan in three instalments. Thefirst instalment has been transferred, taking Pakistan’s foreign reservesto $14 billion from the previous $13 billion.
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In December, the UAE announced a $3 billion bailout package for Pakistan toovercome its balance of payment issue under the Abu Dhabi Fund forDevelopment.
