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HomeNationalAbu Dhabi fund for development rolls over $2 bn to State bank,...

Abu Dhabi fund for development rolls over $2 bn to State bank, says Dar

Pakistan Finance Minister Ishaq Dar has confirmed that Abu Dhabi Fund for Development (ADFD) has deposited $2 bn to the State Bank of Pakistan.

The fund was due over the next two months.

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“Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with the 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!” Dar tweeted.

When Pakistani Prime Minister Shehbaz visited the country last week, the United Arab Emirates decided to roll over the $2 billion existing loan and provide an extra $1 billion in loans to Pakistan.

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The initial $2 billion loan from the UAE was expected to be paid in February and March.

The declaration was made as the SBP’s reserves fell to a crucial $4.34 billion level, the lowest level since February 2014 and insufficient to cover even one month’s worth of regulated imports.

The UAE’s rollover now gave the government the chance to restart the IMF program over the next few days.

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