The United Arab Emirates (UAE) has confirmed the rollover of its two deposits of $1 billion each, the State Bank of Pakistan (SBP) said on Thursday.
“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,” SBP statement read.
Prime Minister Shehbaz Sharif informed about the rollover earlier this month.
Addressing a federal cabinet meeting back then, PM Shehbaz shared details of his meeting with President of the United Arab Emirates (UAE) His Highness Sheikh Mohammed bin Zayed Al Nahyan in Rahim Yar Khan.
During the meeting, Nahyan assured of further investments in Pakistan, PM Shehbaz said.
“Al Nahyan deferred the repayment of the $2 billion loan, which was due in January,” PM informed then.
According to a statement from the Prime Minister’s Office (PMO) then, the two leaders discussed a wide range of issues, including economic collaboration, regional stability, climate change, and the promotion of mutual interests on the global stage.
Pakistan enjoys historic friendly ties with the UAE, and the Gulf state is also among the key investors in Pakistan.
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