Published: Mon, January 07, 2019
Global News | By Blake Casey

Abu Dhabi Crown Prince Arrives in Pakistan, $3 Billion Deal Expected

Abu Dhabi Crown Prince Arrives in Pakistan, $3 Billion Deal Expected

The Crown Prince, who is on a day-long visit to the country after almost 12 years, was received by Mr. Khan upon his arrival at Nur Khan airbase in Rawalpindi, Dawn reported.

Pakistan, reeling under severe financial crisis, reached out to some "friendly countries" for economic assistance including Saudi Arabia, China and the UAE since Prime Minister Khan assumed office in August.

Khan briefed the UAE leader about the efforts Pakistan has made to support and facilitate the Afghan-owned and Afghan-led reconciliation process.

The UAE has announced its intention to deposit $03 billion (equivalent to AED11 billion) in the State Bank of Pakistan (SBP) to support the financial and monetary policy of the Islamic Republic of Pakistan, the Abu Dhabi Fund for Development (ADFD) said in a statement published by WAM news agency.

Sheikh Mohamed, who is also Deputy Supreme Commander of the Armed Forces, left on Sunday night.

He said both the sides also discussed the issue of Pakistanis imprisoned in the UAE jails.

The statement said that the two "held wide-ranging talks focusing on all areas of bilateral relations", adding that both the leaders expressed their determination to further strengthen the "historic and mutually beneficial relationship" between the two countries.

Mohamed bin Zayed and the Pakistani PM hold official talks in Islamabad on enhancing cooperation and friendship and discuss regional and worldwide issues of mutual interest, said the statement issued on official twitter handle of UAE crown prince. A high-level delegation is accompanying the crown prince.

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Mr Khan inherited a looming economic crisis when he took office five months ago, with the Pakistan's foreign reserves almost gone and a growing balance of payments crisis.

Imran Khan had extended an invitation to the Crown Prince during a telephone conversation a year ago, which he had amicably accepted.

The fund has financed eight development projects in Pakistan with a total value of AED 1.5 billion, including AED 931 million in grants.

"The UAE's package was exactly of the same size and terms and conditions as given by Saudi Arabia".

Pakistan announced in October that Saudi Arabia had pledged a $3bn cash injection and a further $3bn in deferred oil payments.

Last month, the UAE said it will soon give Dollars 3 billion to Islamabad.

Special Assistant to the Prime Minister on Overseas Pakistanis Zulfi Bukhari said the UAE was Pakistan's largest trading partner in the Middle East and a major source of investments.

PM Khan expressed his gratitude for the "generous" balance of payment support of US$3 billion and noted that the financial support showed the UAE's continued commitment and friendship that remained steadfast over the years.

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