$3 billion loan will improve Pakistan’s fiscal policy: UAE envoy

Ambassador of United Arab Emirates to Pakistan Hamad Obaid Al-Zaabi talking to media on Friday, Dec. 21, 2018 in Islamabad. Ambassador Al-Zaabid said that the $3 billion loan to Pakistan from the Abu Dhabi Fund for Development would strengthen Pakistan’s fiscal and monetary policy and lead to financial stability. (Photo credit: UAE Embassy in Islamabad)
Updated 22 December 2018
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$3 billion loan will improve Pakistan’s fiscal policy: UAE envoy

  • Says UAE support based on historical ties, social and cultural links
  • Pakistani finance ministry says loan will aid homegrown stabilization

ISLAMABAD: Ambassador of United Arab Emirates to Pakistan Hamad Obaid Al-Zaabi said a $3 billion loan to Pakistan from the Abu Dhabi Fund for Development would strengthen Pakistan’s fiscal and monetary policy and lead to financial stability.

On Friday, the UAE announced it would deposit $3 billion in Pakistan’s central bank “in the next few days”, a move that will help bring a gaping current account deficit under control. 

In a statement issued by the UAE Embassy on late Friday, the ambassador said the deposit will enhance liquidity and monetary reserves of foreign currencies at the State Bank of Pakistan.

“UAE’s support to the Islamic Republic of Pakistan is based on the historical relations between the two peoples and the social and cultural ties that unite the two countries through the centuries,” the ambassador said, adding that “the bilateral relations manifest the prospects of broad horizons of cooperation in various fields.”

The government of Pakistan has welcomed UAE's announcement and the finance ministry said in a statement that “the amount will build up foreign exchange reserves, strengthen Pak Rupee and aid the success of government's ongoing homegrown stabilization programme."


Zimbabwe surprise as T20 World Cup Super Eights begin without Australia

Updated 20 February 2026
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Zimbabwe surprise as T20 World Cup Super Eights begin without Australia

  • Pakistan and New Zealand will clash in Colombo on Saturday as the second “Super Eights” phase of the T20 World Cup kicks off
  • India carry hopes of millions of cricket-obsessed fans of winning back-to-back T20 World Cups and lifting the trophy on home soil

Kolkata: Pakistan and New Zealand will clash in Colombo on Saturday as the second “Super Eights” phase of the T20 World Cup kicks off without former champions Australia, who shockingly failed to make it out of their group.

Instead, surprise packages Zimbabwe, who did not even qualify in 2024, topped Group B after a stunning unbeaten campaign where they not only beat Australia but also co-hosts Sri Lanka.

An injury-depleted Australia endured a chaotic campaign and failed to make the second phase of the T20 World Cup for the first time since 2009.

Australia’s acerbic media did not hold back in their criticism, citing selection “stuff-ups” and “shambolic” preparations, including a 3-0 pre-tournament series loss in Pakistan, for the embarrassment.

Australia coach Andrew McDonald admitted his players were “devastated” but any inquest into the failure would only begin “when we exit the shores here.”

India, the world number one-ranked T20 side, are hot favorites to retain their crown on home soil.

However, in the second round they face a tough rematch of the 2024 final against an in-form South Africa in Ahmedabad at a packed 130,000-capacity Narendra Modi stadium on Sunday.

Both teams came through the first round phase with four wins from four.

India are on a 12-match unbeaten run at the T20 World Cup, stretching back to their defeat in the semifinal against eventual winners England in 2022.

No team has won back-to-back T20 World Cups or lifted the trophy on home soil, and India have the hopes of hundreds of million of cricket-obsessed fans on their shoulders.

But India have not been consistent and have a problem at the top of the order with their number one-ranked batter Abhishek Sharma recording three consecutive ducks.

Their batting has looked shaky and India were 77-6 against the United States before coming through to win.

Also in Super Eights Group 1 are Zimbabwe and the West Indies, who meet in Mumbai on Monday, with all that group’s games being hosted in India.

ENGLAND YET TO FIRE

The West Indies toppled England convincingly in the group phase and the two-time champions have all-round strength in depth.

They won the T20 World Cup the last time it was hosted in India, in 2016, and have started in clinical fashion, winning all four group games.

They will be extremely wary of Zimbabwe, whose colorful band of traveling supporters have had plenty to cheer so far. Even a washout against Ireland could not dampen their spirits.

In Sri Lanka, Group 2 pits the co-hosts against England, Pakistan and New Zealand.

The top two from each group will advance to the semifinals.

Pakistan were the last team to secure their berth. They did so by beating Namibia by 102 runs, with captain Salman Agha calling it a “complete performance” as they bounced back from a group defeat to bitter rivals India.

Another pre-tournament fancy, England stumbled through their group matches in Mumbai and Kolkata, losing to the only Test-playing side they faced, the West Indies.

Harry Brook’s side were unconvincing in wins against minnows Nepal, Scotland and finally Italy, who were making their World Cup debut.

But they return to a happy hunting ground in Kandy to face Sri Lanka on Sunday at a venue where England swept a T20 series 3-0 this month, with Sam Curran taking a hat-trick along the way.

Their top order needs to find form, with explosive openers Jos Buttler and Phil Salt yet to make a telling score and Brook failing to fire.

Sri Lanka have also been hot and cold.

Pathum Nissanka scored a superb century on Monday to all but end Australia’s tournament.

But they lost to Zimbabwe in their final group game, although Nissanka was in the runs again with 62.