Search

x
Join our whatsapp channel for News Updates

UAE rolls over $2bn loan for Pakistan to save brotherly nation from debt default

09:51 AM | 19 Jan, 2023
UAE rolls over $2bn loan for Pakistan to save brotherly nation from debt default
Source: Twitter

ISLAMABAD – The Abu Dhabi Fund Development has rolled over its deposit of $2 billion with the State Bank of Pakistan (SBP), days after Prime Minister Shehbaz Sharif visited the Gulf country.

Finance Minister Ishaq Dar confirmed the development late Wednesday, announcing that Abu Dhabi Fund for Development has rolled over its existing deposits of $2 billion in the State Bank of Pakistan.

The move is said to bring some relief to the cash-strapped country as the country's central bank's foreign reserves plunged to just three weeks' worth of imports after the latest payments to foreign banks.

With the help of friendly nations, the country’s repayment burden has now lowered to $11 billion during the current fiscal year.

Last week, Abu Dhabi agreed to lend $1 billion to cash-strapped country, rolling over an existing $2 billion loan after the premier flocked to the Gulf nation as the country is facing the worst economic crisis in years with IMF’s ninth review still pending over deadlock between the two sides.

PM also visited Saudi Arabia as the country is seeking financial aid from its close allies.

Daily Pakistan Global Web Desk

Advertisement

Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 18 April 2024

Pakistani currency continues to gain against US Dollar and other currencies on April 18, 2024. US dollar was being quoted at 277.2 for buying and 280.3 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 18 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.2 280.3
Euro EUR 293 296
UK Pound Sterling GBP 342.25  345.65 
U.A.E Dirham AED 75.25  75.95
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 739.63 747.63
Canadian Dollar CAD 201 203
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.32 3.43
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 902.26 912.91
Malaysian Ringgit MYR 58.24 59.52
New Zealand Dollar NZD 164.75 169.63
Norwegians Krone NOK 25.42 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.37 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.56 7.76

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter