 "Representational image")
Pakistan’s central bank said on Thursday that the United Arab Emirates has confirmed rollover of its two deposits of $1 billion each placed with state bank of Pakistan for another year.
According to a Dawn report, the deposits were maturing this month.
Last week, Prime Minister Shehbaz Sharif announced that the UAE agreed to roll over a $2 billion payment due from Pakistan this month.
Securing external financing has been a crucial requirement for the International Monetary Fund (IMF) to approve the $7 billion bailout for Pakistan.
Last year, countries like China, the UAE, and Saudi Arabia played a vital role in helping Pakistan secure the IMF programme by providing timely confirmation of necessary financing assurances.
The IMF’s fund disbursement was contingent upon these countries confirming their debt rollover.
With inputs from agencies