UAE Rolls Over $2 Billion Loan for Pakistan to Save Brotherly Nation from Debt Default

Days after Prime Minister Shehbaz Sharif visited the Gulf nation, the Abu Dhabi Fund Development has extended its $2 billion deposit with the State Bank of Pakistan (SBP).

Late on Wednesday, the State Bank of Pakistan’s State Bank of Abu Dhabi Fund for Development announced that it has rolled over its existing deposits totaling $2 billion. Finance Minister Ishaq Dar verified the news.

After the most recent payments to foreign banks, the country’s central bank’s foreign reserves fell to just three weeks’ worth of imports, which is expected to provide some respite to the cash-strapped nation.

The country’s debt repayment load for the current fiscal year has now been reduced to $11 billion thanks to friendly nations.

Leave a Reply

Your email address will not be published.