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17 July 2024

Pakistan announces general budget, hails UAE's deposit

By Wam

The UAE's US$3 billion deposit with the State Bank of Pakistan has contributed to alleviating the country's financial crisis and easing pressure on foreign exchange reserves, according to Pakistan's State Minister for Revenues.

Hammad Azhar made the remarks today as he presented to the National Assembly Pakistan's general budget with a total outlay of Rs 7.022 trillion for the fiscal year 2019-20, registering a growth of 30 percent against the revised budget of Rs 5.385 trillion for current fiscal year .

The minister underlined the importance of the financial aid received by his country from Saudi Arabia, which totaled $6.00 billion, and the UAE, as well as $6.00 billion from the International Monetary Fund, which, he said, have all helped stabilise Pakistan's economy in general and the rupee in particular.