UAE rolls over $2b loan to Pakistan: Dar

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Ishaq Dar reserves
Pakistani Finance Minister Ishaq Dar (C) and Federal Minister for Railways Khawaja Saad Rafique (L) / AFP PHOTO / AAMIR QURESHI (Photo credit should read AAMIR QURESHI/AFP via Getty Images)

Finance Minister Ishaq Dar confirmed on Thursday that the Abu Dhabi Fund for Development has rolled over their deposit of $2 billion with the State Bank of Pakistan. The finance minister made the announcement in a tweet on his official Twitter handle.

“Abu Dhabi Fund for Development has rolled over their deposit of $2billion with State Bank of Pakistan, as discussed by PM Shehbaz Sharif with His Highness the President of UAE during last week’s official visit. Long live Pak-UAE friendship!” read the tweet.

Last week, the United Arab Emirates agreed to provide a $3 billion lifeline to Pakistan in the shape of a rollover of the existing debt and new financing helping Islamabad avoid defaulting on its loans for a couple of more months.

The Gulf state made the decision to defer the maturing $2 billion and hand over another $1 billion in additional loan to Pakistan during a meeting between Prime Minister Shehbaz Sharif and UAE President Sheikh Mohamed bin Zayed Al Nahyan, according to the PM’s Office.