ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) has hailed the United Arab Emirates’ announcement to deposit $3 billion in the State Bank of Pakistan to support the financial and monetary policy of the country.
The chamber termed the support a highly positive development as it would provide crucial financial cushion to the weak foreign exchange reserves of Pakistan.
ICCI President Ahmed Hassan Moughal said that UAE has come forward to provide support to Pakistan at a time when the country was facing serious liquidity challenges. He said generous support for Pakistan at testing times showed that UAE was a close friend and it wanted to see a strong Pakistani economy. “UAE’s generosity for Pakistan would further strengthen the bilateral relations between the two countries,” he added.
Moughal said that during the last visit of Prime Minister Imran Khan to UAE, the leadership of both countries had agreed to transform their bilateral relations into a long-term strategic economic partnership.
“Both sides had also resolved to strengthen trade and economic ties and eliminate all impediments to the seamless flow of trade and investment between the two countries,” he added.
The ICCI president said that Pakistan and UAE should further strengthen connectivity between their private sectors to maximize the scope of bilateral trade, investments, joint ventures and economic relations between the two friendly countries.