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UAE agrees to rollover $2bn Pakistan debt, provide additional $1bn

05:26 PM | 12 Jan, 2023
UAE agrees to rollover $2bn Pakistan debt, provide additional $1bn
Source: @Marriyum_A (Twitter)

ISLAMABAD - The United Arab Emirates on Thursday agreed to rollover the existing debt of $2 billion of Pakistan and provide additional $1 billion loan to help the country strengthen its forex reserves.

UAE President Sheikh Mohamed bin Zayed made the announcement during a meeting with Prime Minister Shehbaz Sharif, who landed in the Gulf country on an official visit earlier in the day.

Pakistan was to pay back the loan of $2 billion to the Arab country in March this year but it seemed difficult as the forex reserves held with the State Bank of Pakistan (SBP) has depleted to an alarming level of $4 billion.

Sheikh Mohamed wished progress and prosperity for Pakistan. He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.

The premier thanked the UAE president for inviting him to the brotherly country. The two leaders discussed the fraternal relations existing between Pakistan and the UAE; explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy.

Furthermore, PM Shehbaz invited the UAE president for a state visit to Pakistan to which he agreed. The dates will be decided through diplomatic channels.

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 20 Feb 2024

Pakistani currency remained largely stable against US dollar and other currencies in the open market on February 20, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.05 for buying and 282.1 for selling.

On Tuesday, Euro stands at 301 for buying and 304 for selling while British Pound rate stands at 352.4 for buying, and 355.4 for selling.

UAE Dirham AED hovers at 76.55 whereas the Saudi Riyal saw slight increase, with new rates at 74.2.

Today’s currency exchange rates in Pakistan - 20 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.05 282.1
Euro EUR 301 304
UK Pound Sterling GBP 352.4 355.4
U.A.E Dirham AED 76.55 77.25
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 180 182
Bahrain Dinar BHD 743.12 751.12
Canadian Dollar CAD 206.5 208.5
China Yuan CNY 38.84 39.24
Danish Krone DKK 40.24 40.64
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.48 3.59
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 906.33 915.33
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 170.1 172.1
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.75 733.75
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 207
Swedish Korona SEK 26.85 27.15
Swiss Franc CHF 315.64 318.14
Thai Bhat THB 7.93 8.08

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