Pakistan says all UAE debt worth $3.45B repaid

Pakistan Friday said it had repaid all debt to the United Arab Emirates (UAE) to the tune of $3.45 billion.

The State Bank of Pakistan said in a statement that it repaid a deposit of $1 billion to the Abu Dhabi Fund for Development (ADFD), UAE.

“Deposits of $2.45 billion were repaid last week. This completes the repayment of total deposits of $3.45 billion to the UAE,” the central bank said.

The repayment of the debt by Islamabad comes after Saudi Arabia granted Pakistan funds of around $3 billion this month.

Besides, Riyadh rolled over an existing $5 billion deposit for a longer period, providing further financial stability to Pakistan.

The State Bank of Pakistan said the total foreign reserves held by the country stood at $20.63 billion as of last week.

Pakistan had received funds from the ADFD in 2019 to help stabilize the South Asian nation’s balance of payments.

Pakistan Friday said it had repaid all debt to the United Arab Emirates (UAE) to the tune of $3.45 billion.

The State Bank of Pakistan said in a statement that it repaid a deposit of $1 billion to the Abu Dhabi Fund for Development (ADFD), UAE.

“Deposits of $2.45 billion were repaid last week. This completes the repayment of total deposits of $3.45 billion to the UAE,” the central bank said.

The repayment of the debt by Islamabad comes after Saudi Arabia granted Pakistan funds of around $3 billion this month.

Besides, Riyadh rolled over an existing $5 billion deposit for a longer period, providing further financial stability to Pakistan.

The State Bank of Pakistan said the total foreign reserves held by the country stood at $20.63 billion as of last week.

Pakistan had received funds from the ADFD in 2019 to help stabilize the South Asian nation’s balance of payments.

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