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.
Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of
$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!— Ishaq Dar (@MIshaqDar50) January 18, 2023
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.
PM Shehbaz Sharif embarks on UAE visit to advance investment ties
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.
https://en.dailypakistan.com.pk/17-Jan-2023/rs200-billion-mini-budget-on-the-cards-to-woo-imf
