KARACHI: The United Arab Emirates (UAE) has confirmed rollover of $2 billion deposits placed with the State Bank of Pakistan (SBP) for another year to support the Pakistan’s economy.
According to the SBP, these deposits, $1 billion each, were set to mature in January 2024 and now with this extension, Pakistan will retain the funds until January 2026.
In the first week of this month, Prime Minister Shehbaz Sharif met President of the UAE Sheikh Mohammed bin Zayed Al Nahyan and requested for deferment of the repayment of the $2 billion loan due in January. On request of Shahbaz Sharif, UAE has deferred the repayment of loan for another one year.
“The UAE has confirmed rollover of its two deposits of $1 billion each placed with State Bank of Pakistan for another one year, which were maturing in January 2025,” the SBP said on Thursday night.
Analysts said that this decision will help maintain the country’s foreign exchange reserves at a stable and sustainable level.
Meanwhile, the country’s total liquid foreign exchange reserves rose by $73 million to reach $16.45 billion at the end of last week.
Copyright media, 2025
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