Islamabad: Pakistan government efforts bore fruits as after IMF our brotherly country United Arab Emirates (UAE) has rolled over two billion dollars in the state bank of Pakistan.
Caretaker Prime Minister Anwar Ul Haq Kakar has written letter to the UAE governemnt to roll over the money.
On the appeal of Pakistan, the UAE government has delayed returning of its loan for one year.
Sources said that the UAE will get profit on three percent on on billion dollar and 6.5 percent on another one billion dollar.
UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024.#SBP
— SBP (@StateBank_Pak) January 17, 2024
The Prime Minister office and the Ministry of finance had held talk for roll over of two billion dollars in the SBP.
On this appeal, the loan has been roll over today.
Pakistan today also received next tranche of 700 million dollars, from the International Monetary Fund (IMF) as total loan received from climbed to 1.9 billion dollars.
The three billion dollar aggrement will complete in April 2024.
A staff level between Pakistan and the IMF was brokered on November 15 last year.
It is pertinent to mention here that Pakistan has already gotten 1.2 billion dollars under the standby arrangment .
The IMF executive board in the last week had approved issuing of next tranchee of loans and the staff level aggrement after the economic review.
On the other hand, Pakistan will receive more 1.1 billion dollars in case of successful completion of the existing economic review after the last the economic review.
Pakistan will hold negotiation with the IMF next month.
