UAE Rolls Over $2 Billion Loan to Pakistan for One Year

The State Bank of Pakistan (SBP) Wednesday announced that the United Arab Emirates (UAE) has confirmed roll over of its two deposits of $1 billion each placed with SBP for another one year. In a short statement shared on X, the central bank pointed out that both deposits were maturing in January 2024. ProPakistani had reported on Tuesday that the roll over is expected during the current week. Caretaker Prime Minister Anwaar-ul-Haq Kakar had written a letter to the President of the UAE for the roll over of the deposits. Earlier, the central bank also confirmed that it has received the second tranche of $705.6 million from the International Monetary Fund (IMF) under the $3 billion Stand-By Arrangement (SBA).