ISLAMABAD: The State Bank of Pakistan has announced that the United Arab Emirates (UAE) has extended the tenure of its $2 billion loan to Pakistan. According to a statement from the central bank, the UAE has confirmed the extension of its deposits of $1 billion each, which were held in Pakistan’s central bank, for another year. These deposits were due to mature this month.
The extension is a significant relief for Pakistan, ensuring continued financial support from the UAE during challenging economic times.
In addition to the loan extension, the State Bank of Pakistan’s latest figures show that foreign exchange reserves stood at $11.72 billion as of the week ending January 10, 2025. Meanwhile, commercial banks held $4.72 billion in reserves.
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This development further strengthens Pakistan’s financial position as it works to stabilize its economy and manage its external obligations.
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