A trader counts Pakistan rupee notes as he prepares an exchange of US dollars in Islamabad, Pakistan. Reuters
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
The Asian Development Bank (ADB) approved $1 billion in immediate budget support to Pakistan to shore up the country’s public finances and help strengthen economy besides approving $300 million to support energy sector reforms.
The Asian Development Bank (ADB) and the Government of Pakistan signed the loan agreement for a $300 million emergency assistance loan intially approved by the bank on May 19.
Opec and allied nations agreed on Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
G20 members and invited countries have pledged more than $21 billion to fight COVID-19 and, with a spirit of solidarity, have shown they will spare no effort to protect lives and the most vulnerable.
Emaar chairman Mohamed Alabbar has told the UAE’s leading contractors that they must prepare for a new way of working as the economic activity gradually starts to pick up.