UAE renews $2 billion loan to Pakistan during IMF bailout process
Key financial lifeline renewed by UAE to assist Pakistan's economic recovery and meet IMF conditions
UAE Extends $2 Billion Deposits to Pakistan, Supporting IMF Bailout Efforts
The United Arab Emirates has consented to extend two deposits with the State Bank of Pakistan, each valued at $1 billion, for an additional year, the country’s central bank announced on Thursday.
“This month, the deposits mature,” Dawn said.
The UAE agreed to pay back $2 billion that Pakistan owed last week, Prime Minister Shehbaz Sharif said last week.
One of the main conditions for the International Monetary Fund (IMF) to authorize a $7 billion bailout for Pakistan is securing outside money.
Last year, countries such as China, the United Arab Emirates and Saudi Arabia played a key role in helping Pakistan secure the IMF program by providing timely financial guarantees.
The IMF’s disbursement of funds depends on these countries confirming their debt restructuring.
