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UAE Increases Pakistan Financial Assistance to $3 Billion

  • UAE to provide $1 billion in fresh loan, rollover $2 billion
  • Pakistan’s dollar reserves currently at lowest in nine years
Sheikh Mohamed bin Zayed Al Nahyan.
Sheikh Mohamed bin Zayed Al Nahyan.

Photographer: Thomas Imo/Photothek/Getty Images

Pakistan has said the United Arab Emirates has agreed to increase its financial assistance to Pakistan to $3 billion, a move key to bolster foreign exchange reserves for the South Asian nation reeling under an economic crisis. 

UAE’s President Sheikh Mohamed bin Zayed Al Nahyan has agreed to provide $1 billion in a fresh loan and rollover an existing loan of $2 billion after a meeting with Prime Minister Shehbaz Sharif, Pakistan Prime Minister’s Office said in a statement Thursday.