UAE gives more time to Pakistan for repayment of $2 billion deposit
Pakistan got a major relief on Tuesday, as the United Arab Emirates (UAE) has extended the repayment of a $2 billion deposit given to boost liquidity and help overcome the financial crisis.
According to the details, the amount was given to Pakistan by the Abu Dhabi Fund for Development (ADFD) in January 2019. Islamabad was scheduled to repay $2 billion funds to ADFD by April 19, 2021.
The announcement came after the meeting between UAE Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan and Foreign Minister Pakistan Shah Mahmood Qureshi.
Spokesperson Ministry of Foreign Affairs also confirmed the news on its official Twitter handle.
FM @SMQureshiPTI lauded 🇦🇪 consistent support to 🇵🇰 and welcomed the announcement of rolling back payment of USD 2 billion, which symbolizes the depth and strength of bilateral ties. #PakFMinUAE (3/4) pic.twitter.com/AkCb7oYfYn
— Spokesperson 🇵🇰 MoFA (@ForeignOfficePk) April 19, 2021
Let it be known that on Monday Shah Mahmood Qureshi held a meeting with UAE Minister of State Ahmed Ali Al Sayegh in Abu Dhabi where both leaders agreed to exchange business delegations to promote bilateral trade and economic cooperation in different fields.
During the talks, they discussed greater cooperation in areas of economy and trade.
Pakistan Foreign Minister Shah Mahmood Qureshi highlighted the immense investment potential Pakistan offers to the UAE, which can be best explored through business to business connect between the two countries.
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