The Abu Dhabi Fund for Development (ADFD) has rolled over its $2 billion deposit with the State Bank of Pakistan (SBP), the country’s top economic manager announced late on Wednesday, a move that has Some much needed room will be created in the tight ranks. Financial space
Abu Dhabi Fund for Development (ADFD) has rolled over its $2 billion deposit with the State Bank of Pakistan, as discussed by #PM @CMShehbaz with the President of the UAE during his official visit to the UAE last week. What! Long live Pak-UAE friendship!” Finance Minister Ishaq Dar announced in a tweet.
Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of
— Ishaq Dar (@MIshaqDar50) January 18, 2023
$2billion with State Bank of Pakistan, as discussed by #PM @CMShehbaz with His Highness the President of UAE during last week’s official visit to 🇦🇪!
Long live Pak-UAE friendship!
The United Arab Emirates agreed on Jan. 12 to lend Pakistan $1 billion, adding to an existing $2 billion loan, the country’s information minister said, as the country’s central bank’s foreign reserves fell to just three weeks of imports. were gone
The UAE’s financial support gave some respite to the country, which is still reeling from devastating nationwide floods that have caused more than $30 billion in damage.
The loan announcements came at a time when Pakistan’s Prime Minister Shahbaz Sharif began a two-day visit to the United Arab Emirates. “This support will help us overcome economic difficulties,” Sharif said in a statement.
Information Minister Maryam Aurangzeb said that she met UAE President Sheikh Mohammed bin Zayed Al Nahyan and was to discuss business and economic opportunities with other officials and business leaders.
With the International Monetary Fund’s ninth review to release another $1.1 billion in funds to Pakistan pending since September, external financing is crucial for the country’s battered economy.
Foreign exchange reserves with the State Bank fell to a critical level of $4.3 billion, barely enough to cover three weeks’ worth of imports, the bank said.
The bank added that commercial banks had net foreign exchange reserves of $5.8 billion and total liquid reserves of $10.1 billion.
