PM Khan thanks Saudi Arabia, China and UAE for financial assistance

Pakistan’s Prime Minister Imran Khan and Saudi Crown Prince Mohammed Bin Salman riding in a carriage during a welcome ceremony in Islamabad on February 18, 2019. (AFP)
Updated 13 June 2019

PM Khan thanks Saudi Arabia, China and UAE for financial assistance

  • In televised post-budget speech, PM says three friendly countries helped Pakistan in times of economic difficulty
  • KSA has given Pakistan $3 billion in foreign currency support, $3 billion deferred oil payments facility

ISLAMABAD: Prime Minister Imran Khan on Tuesday hailed financial assistance that Pakistan has received from Saudi Arabia, United Arab Emirates (UAE) and China to prop up its stumbling economy and plug its depleted reserves.

In a speech televised late on Tuesday night following the presentation of the budget proposal for the fiscal year to June 2020, Khan said the three friendly countries had stood by Pakistan in times of economic difficulty.

Revenue Minister Hammad Azhar also underlined the importance of the financial aid received from Saudi Arabia, UAE and China while presenting the budget proposal in the National Assembly on Tuesday.

“We borrowed a total of $9.2 billion from China, Kingdom of Saudi Arabia, and the United Arab Emirates,” Azhar said.

Last year, Saudi Arabia gave Pakistan $3 billion in foreign currency support along with a $3 billion facility for deferred payments for oil imports. The prime minister’s adviser on finance, Abdul Hafeez Shaikh, confirmed last month that Saudi Arabia would activate the deferred oil payment facility from July 1, 2019 under which Islamabad will receive $3.2 billion per year for three years.  

Islamabad also received $3 billion in economic assistance from the UAE in December 2018 while all-weather friend China lent $2.2 billion in March this year. Beijing is also investing close to $60 billion in Pakistan under the China Pakistan Economic Corridor (CPEC) of infrastructure and energy projects.

UAE’s Big Heart Foundation pledges $1 million for humanitarian projects in Pakistan 

Updated 28 October 2020

UAE’s Big Heart Foundation pledges $1 million for humanitarian projects in Pakistan 

  • Boys and girls high school to be built in Rawalakot 
  • Equipment at women’s welfare development centers to be upgraded 

ISLAMABAD: The Big Heart Foundation (TBHF) has said this week it has launched five new humanitarian projects worth over one million dollars to support “educational and professional sectors” in Pakistan.

The Big Heart Foundation was established in May 2015 by Her Highness Sheikha Jawaher bint Mohammad Al Qasimi, wife of His Highness Dr. Sheikh Sultan bin Muhammad Al Qasimi, Member of the UAE Supreme Council and Ruler of Sharjah.

“Under the directives of HH Sheikha Jawaher bint Mohammed Al Qasimi, Chairperson of The Big Heart Foundation (TBHF), TBHF has launched five humanitarian projects, worth over $1 million, in support of educational and professional sectors in Pakistan,” the foundation said on its Twitter page. 

With the new funding, TBHF will build a high school for both boys and girls in Rawalakot, Pakistan. 

“This project, worth $580,000, was launched in cooperation with SOS Children’s Villages Pakistan and seeks to bring high-quality education to underprivileged children,” the foundation said. 

Another project, worth $200,045, has also been launched to upgrade equipment at women’s welfare development centers in the Pakistani capital of Islamabad and its northwestern Khyber Pakhtunkhwa province. 

Originally set up as a fundraising campaign in June 2013, TBHF developed into a full-fledged foundation in 2015 “to act as an umbrella organization for overseeing the extensive international humanitarian support under the patronage of HH Sheikha Jawaher Al Qasimi.”