The State Bank of Pakistan (SBP) on Thursday mentioned that the United Arab Emirates (UAE) has confirmed rollover of its two deposits of $1 billion every for one more 12 months. The deposits had been maturing in January 2025.
Prime Minister Shehbaz Sharif had confirmed on Tuesday that the Gulf nation rolled over a $2 billion mortgage deposit, granting Pakistan a considerable fiscal respite.
PM Shehbaz had met UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan, the place the Gulf nation’s high chief proposed rolling over the mortgage.
“He fortunately knowledgeable me that $2 billion owed by Pakistan in January was being prolonged by the UAE. He proposed it himself and instantly issued [directives as well],” the prime minister mentioned.
The prime minister mentioned the UAE president vowed to again Pakistan in its bid for financial stability based mostly on the nations’ historic brotherly ties.
Prime Minister Shehbaz additionally described his assembly with the UAE president as optimistic and productive, noting that discussions centred on funding alternatives.
Shehbaz emphasised measures aimed toward enhancing mutual ties and revealed {that a} particular objective had been set. “This goal will create a beneficial impression relating to funding,” he added.
Pakistan’s international alternate reserves stand at $16.45 billion as of January 10, with SBP-held reserves at $11.73 billion.
