Pakistan Rejects Misleading Media Reports About Funds Deposited By UAE

(MENAFN- Khaleej Times) Pakistan on Saturday rejected misleading media reports about funds deposited by the UAE.

A statement from the Ministry of Foreign Affairs of Pakistan said the country is now returning the matured deposits to the UAE, and this is a routine financial transaction. Therefore, it should not be portrayed otherwise.

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“The Ministry of Foreign Affairs categorically rejects the recent misleading and unfounded commentary regarding financial deposits from the UAE held with the State Bank of Pakistan (SBP). The deposits were placed under bilateral commercial agreements, demonstrating the UAE's strong support for Pakistan's economic stability and prosperity,” Pakistan's Ministry of Foreign Affairs said in a statement on Saturday.

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“Accordingly, pursuant to mutually agreed terms, the Government of Pakistan, through the SBP, is now returning the matured deposits to the UAE. This is a routine financial transaction, and any attempt to portray it otherwise is erroneous and misleading,” it added.

Pakistani media reports said that the South Asian country has decided to return $3.5 billion in debt to the UAE before the end of this month. These funds were part of external financing support extended by the UAE in 2019 to help stabilise Pakistan's balance of payments.

The ministry elaborated that Pakistan and the UAE“share a longstanding, fraternal partnership built on trust and strategic cooperation across trade, investment, defence, and people-to-people ties.”

“This relationship has stood the test of time and has grown stronger with each passing year. The people of Pakistan warmly cherish the pivotal role played by His Highness, the late Sheikh Zayed bin Sultan Al Nahyan, in forging this enduring friendship, as well as his special affection for Pakistan. Pakistan remains fully committed to further strengthening this enduring relationship for a shared, prosperous future,” the statement said.

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