- Deposits placed with the SBP matured in January 2025.
- Prime Minister Shehbaz confirmed the postponement during Tuesday’s meeting.
- Foreign exchange reserves amount to $16,450.9 million.
The United Arab Emirates (UAE) has confirmed the refinancing of its two deposits of $1 billion each, the State Bank of Pakistan (SBP) announced on Thursday.
The deposits, placed with the SBP for an additional period of one year, matured in January 2025.
Prime Minister Shehbaz Sharif confirmed on Tuesday that the Gulf country had rolled over a $2 billion loan, giving Pakistan substantial fiscal relief.
Prime Minister Shehbaz had met UAE President Sheikh Mohamed bin Zayed Al Nahyan at Rahim Yar Khan, where the Gulf country’s top leader offered to roll over the loan.
“He informed me with pleasure that the UAE was extending the $2 billion owed to him by Pakistan in January. He proposed it himself and immediately issued (along with guidelines),” said the Prime Minister.
The Prime Minister said the UAE President was committed to supporting Pakistan in its quest for economic stability based on the historic fraternal ties between the nations.
Prime Minister Shehbaz also described his meeting with the UAE President as positive and productive, noting that the discussions focused on investment opportunities.
Shehbaz emphasized on measures to strengthen mutual ties and revealed that a specific target had been set. “This goal will create a favorable investment impression,” he added.
Pakistan’s foreign exchange reserves stood at $16.45 billion as of January 10, with reserves held by the SBP standing at $11.73 billion.