Friday, July 10, 2020

Abu Dhabi fund assigns US$3 billion to SBP

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
Abu Dhabi Fund for Development (ADFD) has formalized an amount of US $3 billion to the State Bank of Pakistan (SBP) with an aim to support Pakistan’s economic growth and to achieve the long-term objectives of its monetary policy.

 

According to the abu dhabi media report received on Tuesday, the decision to formalize the deposit was made under the directives of the Sheikh Khalifa bin Zayed Al Nahyan, President and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

 

As per the details received, the amount will be paid to Pakistan in three installments and the first tranche of worth $1bn would be deposited in SBP within days.

 

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

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