UAE allots $200 million to Pakistan in aid to support economic projects



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UAE allots $200 million to Pakistan in aid to support economic projects

De Facto ruler of the United Arab Emirates, the crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed al-Nahyan, had ordered the nation’s Khalifa Fund for Enterprise Development to allot a handsome sum of $200 million to Pakistan in monetary aid to support the grief-sickened nation’s small and medium economic projects, UAE’s state news agency WAM had revealed later this week.

In point of fact, latest monetary aid for the crisis-struck South Asian nation, once a rapidly emerging economy that entered in to a contraction following years of military ruling and malpractices of democracy amid a deeply divided policy setting cabinet under the Pakistani Prime Minister, Imran Khan, came forth roughly six months after the nation had secured a whopping sum of $3.4 billion from the Asian Development Bank in budgetary aid, alongside a $6 billion bailout package from the International Monetary fund back in the May of 2019.

However, both IMF and ADB had cautioned the nation last year not to bolster its military funding, instead advised the resource-rich country which had been facing off a recession following years of wears and tears to support its fragile economy and to bolster its public finances, which would more likely to dry up before its 2020 budget, suggested analysts contemplating the comments of Pakistani PM Imran Khan during 2019 budgetary aid from ADB, who was quoted saying on June, 2019, that the nation had barely two to three weeks of reserves to support its public finances.