ISLAMABAD: Giving much-needed relief to Pakistan, the United Arab Emirates rolled over its $2 billion deposits with the State Bank of Pakistan (SBP).
Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with the SBP, as discussed by Prime Minister Shehbaz Sharif with the UAE President last week.
Finance Minister Ishaq Dar announced this goods news in a tweet he shared late Wednesday night.
On January 12, UAE announced $1 billion additional loan for Pakistan. UAE also annonced to roll over existing $2 billion loan.
Information Minister Marriyum Aurangzeb said this when Prime Minister Shehbaz Sharif met the UAE President last week.
The UAE’s announced loans for Pakistan during two-day visit of Shehbaz Sharif to the United Arab Emirates.
Sharif met UAE President Sheikh Mohammed bin Zayed al-Nahyan and discussed business and economic opportunities with other officials and business leaders.
This decision of UAE will ease pressure on foreign exchange reserves of Pakistan as the SBP’s reserves fell to $4.3 billion, the lowest since 2014.