KARACHI: Pakistan has received another $1 billion out of a $3 billion package pledged by the UAE last year to help bring a gaping current account deficit under control, the country’s central bank said, adding that the final tranche of $1 billion would be deposited within days.
On Tuesday, the Abu Dhabi Fund for Development (ADFD) deposited $1 billion with the State Bank of Pakistan (SBP). Another $1 billion was received from the Fund in January. The UAE deposits are aimed at supporting Pakistan’s monetary policy.
“We have received $1 billion and hopefully will get the remaining $1 billion within the next couple of days,” Abid Qamar, the spokesman for the central bank, told Arab News.
The deposits come as Islamabad remains engaged in bailout talks with the International Monetary Fund.
In October, Saudi Arabia said it would loan Pakistan $6 billion, including a $3 billion deposit for its foreign currency reserves and another $3 billion in deferred oil payments. China, Pakistan’s staunchest ally and financial benefactor, has also pledged to help but has not announced the size of the assistance package yet.
In January this year, Mohammed Saif Al Suwaidi, Director General of ADFD, and Tariq Bajwa, Governor of the SBP, signed an agreement with ADFD for a $3 billion (AED11 billion) deposit into the central bank of Pakistan. The decision was taken under the directives of UAE President, Sheikh Khalifa bin Zayed Al Nahyan, and Crown Prince of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan.
Islamabad believes the inflows from the UAE will help improve its foreign exchange reserves, which stood at $8.11 billion on March 01, 2019. Pakistan is also hoping the United Arab Emirates will, like Saudi Arabia, offer further financial support through deferred oil payments.
“Saudi and UAE help has averted the country’s default,” financial expert Muzzamil Aslam said. “The country was able to secure loans at cheaper rates, average 3.2 percent, as compared to commercial markets where the rates are 7-8 percent.”
Pakistan receives second tranche of $1b from UAE — SBP
Pakistan receives second tranche of $1b from UAE — SBP
- Abu Dhabi pledged $3 billion last year to stave off balance of payments crisis
- Last tranche of $1 billion expected within days, central bank spokesman says
Pakistani court sentences TLP leader for 35 years over incitement against ex-chief justice
- The case stems from a 2024 speech targeting former Chief Justice of Pakistan Qazi Faez Isa over a blasphemy ruling
- Conviction follows the government’s move to proscribe Tehreek-e-Labbaik Pakistan after clashes with police this year
ISLAMABAD: A Pakistani court this week sentenced a leader of the religio-political party Tehreek-i-Labbaik Pakistan (TLP) to 35 years’ imprisonment on multiple charges for inciting hate against former Chief Justice of Pakistan Qazi Faez Isa.
Peer Zaheer ul Hasan Bukhari made the remarks in a 2024 speech at the Lahore Press Club against the former chief justice for issuing a judgment in a case involving a man named Mubarak Sani under the blasphemy laws, a member of a minority religious community whose death sentence was overturned.
Authorities said Bukhari’s comments amounted to incitement to violence, after which police registered a case against him under various terrorism-related provisions as well as charges of inciting hatred.
The cleric was handed multiple jail terms on a range of charges, with the longest being 10 years of rigorous imprisonment, amounting to a total of 35 years.
“All the sections of imprisonment awarded to the convict shall run concurrently,” Anti-Terrorism Court Judge Arshad Javed said in a letter to the Kot Lakhpat Central Jail superintendent.
A collective fine of Rs600,000 ($,150) was also imposed on the TLP party leader under the provisions of the Anti-Terrorism Act.
The move follows Pakistan’s decision in October to ban the TLP and designate it a proscribed organization under the Anti-Terrorism Act after violent clashes between its supporters and law enforcement in Punjab.
The unrest erupted as demonstrators attempted to travel from Lahore to Islamabad, saying they wanted to stage a pro-Palestine rally outside the US Embassy.
However, officials said TLP supporters were armed with bricks and batons, arguing their intention was to stir violence similar to earlier marches toward the federal capital.
The clashes between TLP supporters and police resulted in the deaths of five people, including two policemen, and injured more than 100 officers and dozens of protesters.
Led by Saad Hussain Rizvi, the TLP is known for its confrontational street politics and mass mobilizations.
Since its emergence in 2017, the party has repeatedly organized sit-ins and marches toward Islamabad, often triggering violent confrontations and prolonged disruptions on major routes to the capital.
