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  • Pakistani Prime Minister Imran Khan

    Pakistani Prime Minister Imran Khan | Photo: Reuters

Published 21 December 2018

Both countries, which have preexisting longstanding ties, are forging new partnerships to further bilateral cooperation.

Pakistani Prime Minister (PM) Imran Khan expressed gratitude to the Prime Minister of the United Arab Emirates (UAE) Sheikh Mohammed bin Rashid Al Maktoum for a major billion-dollar investment from the Emirates.

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The UAE’s Abu Dhabi Fund for Development announced that US$3 billion will be deposited into the State Bank of Pakistan to support the country’s financial and monetary policies, Emirates News Agency Friday.

"I want to thank the UAE govt for supporting Pakistan so generously in our testing times. This reflects our commitment and friendship that has remained steadfast over the years," PM Khan tweeted.

Both countries, which have preexisting longstanding ties, are forging new partnerships to further bilateral cooperation. The investment is designed to enhance liquidity and monetary reserves of Pakistan’s foreign currency.

The fund has founded eight development projects in Pakistan with a total value of US$408 billion, including US$253 million in grants. 

Pakistan is currently engaged in negotiations for a 13th bailout, since the early 1980s, from the International Monetary Fund following the devaluation of the country’s currency on five different occasions, causing the dollar value to be diminished by more than a quarter.

The projects will span several sectors including energy, health, education and roads.

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