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UAE rolls over $2 billion loan to Pakistan

ISLAMABAD (Eshfak Mughal):- The United Arab Emirates (UAE) has rolled over $2 billion loan to Pakistan to ease the pressure on foreign reserves of the country which are decreasing at the lowest level of nine years.

According to the Governor State Bank of Pakistan Jameel Ahmed, the UAE has rolled over $2 billion loan for Pakistan which is facing severe liquidity crunch of forex reserves.

Finance Minister Ishaq Dar also confirmed that the Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with the State Bank of Pakistan (SBP).

In a tweet, the minister highlighted that Prime Minister Shehbaz Sharif had discussed the rollover with the UAE President Sheikh Mohammed bin Zayed al-Nahyan, during his recent visit to the country.

It is important to mention here that the UAE President had agreed to roll over the existing loan of $2 billion and provide a $1 billion additional loan to Pakistan.

After this roll over the loan, Pakistan has to make payments of $11 billion external loan during the next six months. Currently, State Bank of Pakistan has only $4.5 billion in official reserves.

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