UAE rolls over $2bn loan for Pakistan to save brotherly nation from debt default

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.

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.