After Prime Minister Shehbaz Sharif’s visit to the Gulf nation, the Abu Dhabi Fund Development has extended its $2 billion deposit with the State Bank of Pakistan (SBP).
The announcement that the Abu Dhabi Fund for Fact has rolled over its $2 billion in existing deposits with the State Bank of Pakistan was made late on Wednesday by Finance Minister Ishaq Dar, who also confirmed the development.
After the most recent payments to foreign banks, the country’s central bank’s foreign reserves fell to just three weeks’ worth of imports, bringing the cash-strapped nation some relief, according to reports.
The country’s payback load for the current fiscal year has decreased to $11 billion with the aid of friendly nations.
After the premier flew to the Gulf nation last week as the country faced the greatest economic crisis in years with the IMF’s ninth review still pending amid deadlock between the two parties, Abu Dhabi decided to lend the cash-strapped country $1 billion, rolling over an existing $2 billion loan.
PM also travelled to Saudi Arabia, which is looking for financial support from its close allies.
