ISLAMABAD: The State Bank of Pakistan (SBP) on Thursday said that the United Arab Emirates (UAE) has confirmed a rollover of two deposits of $1 billion each for another year.

In a statement on the Facebook account, the central bank said the deposits were maturing in January 2025.

Earlier last week after meeting with the UAE President Sheikh Mohamed bin Zayed Al Nahyan, Prime Minister Shehbaz Sharif announced that the gulf country had agreed to roll over the payment of $2bn due by Pakistan this month.

The development came a week after PM Shehbaz met the UAE President in Punjab’s Rahim Yar Khan, who was on a personal visit to the South Asian country.

Following the meeting, the prime minister said, “He [UAE President] happily informed me that $2 billion repayment due by Pakistan in January was being extended by the UAE. He proposed it himself and immediately issued.”

The prime minister said the UAE president vowed to back Pakistan in its bid for economic stability based on the nations’ historic brotherly ties.

Prime Minister Shehbaz also described his meeting with the UAE president as positive and productive, noting that discussions centered on investment opportunities.

“I asked for the UAE to invest a few billion dollars in key investment projects and that would be helpful,” the PM said in a press conference.

Shehbaz emphasised measures aimed at enhancing mutual ties and revealed that a specific goal had been set. “This target will create a favourable impression regarding investment,” he added.

Pakistan’s foreign exchange reserves stand at $16.45 billion as of January 10. The next review by the IMF of its $7 billion, 37-month loan program to Pakistan is expected in February.

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