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.