Islamabad, 13 July 2023 (TDI), Prime Minister Shehbaz Sharif thanked the President of the UAE, Muhammad Bin Zayed, for the deposit of 1 billion dollars with the State Bank of Pakistan.
Prime Minister said that UAE stepped forward to support Pakistan in maintaining foreign exchange reserves and helped Pakistan in challenging times.
Prime Minister @CMShehbaz has expressed gratitude to President of #UAE @MohamedBinZayed for deposit of one billion dollars with @StateBank_Pak@PakPMO @ForeignOfficePk @uaeembassyisb#BreakingNews #News #RadioPakistanhttps://t.co/MNRwhKOK3G
— Radio Pakistan (@RadioPakistan) July 13, 2023
On 12 July 2023, Finance Minister Ishaq Dar informed that the President of the United Arab Emirates deposited one billion dollars with the State Bank of Pakistan.
UAE offers its services to deal with low exchange reserves. Pakistan is currently at its lowest level of exchange reserves in nine years.
The Prime Minister acknowledged the contribution in a tweet. He stated that the UAE’s assistance is a very kind gesture in this severe economic scenario.
PM Shahbaz Sharif has expressed his indebtedness to the President of UAE. He said that whenever there is a difficult time for Pakistan, UAE has always been there. UAE is a time-tested friend and brotherly state for Pakistan.
Pakistan UAE Relations
UAE is the biggest trade partner of Pakistan in the Middle East and North Africa region. Pakistan shares fostered and fortified relations with UAE. This multidimensional bond is based on trade and commerce, art and culture, sports, faith and religion.
Both countries’ annual trade estimate is around eight billion dollars. UAE is one of the biggest hosts of overseas Pakistanis. It hosted 1.5 million Pakistanis, including professional expertise and workforce.
This year, in January, UAE President approved $3b financial assistance to Pakistan. This assistance was approved to maintain Pakistan’s exchange reserves. UAE is providing its services to cope with the drastic economic situation that Pakistan is facing for a long time.
The UAE is Pakistan’s third-largest trading partner, behind China and the US. Due to its geographic proximity, which lowers transportation and freight costs and promotes business interactions, it is also seen as an excellent export destination by officials in the South Asian nation.