ISLAMABAD: The United Arab Emirates (UAE) has extended the rollover of $2 billion deposits with the State Bank of Pakistan (SBP) for another year.
The deposits, initially set to mature in January 2025, will now provide Pakistan with continued financial support.
Earlier, Prime Minister Shehbaz Sharif confirmed the rollover of the $2 billion loan, offering Pakistan significant fiscal relief.
The announcement followed his meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan, where the UAE leader personally proposed the extension of the loan.
“He happily informed me that the $2 billion owed by Pakistan in January was being extended by the UAE. He proposed it himself and issued immediate directives as well,” the prime minister shared.
PM Shehbaz further highlighted the UAE president’s commitment to supporting Pakistan’s efforts toward economic stability, emphasizing the historic and brotherly ties between the two nations.
Describing his meeting with Sheikh Mohamed as both positive and productive, the prime minister noted that discussions focused on fostering investment opportunities. He underscored plans to strengthen mutual ties and revealed that a specific target had been set to attract investments, stating, “This target will create a favourable impression regarding investment.”
As of January 10, Pakistan’s foreign exchange reserves stand at $16.45 billion, with $11.73 billion held by the SBP.
