KARACHI:
The State Bank of Pakistan announced on Thursday that the United Arab Emirates has confirmed the refinancing of its two deposits of $1 billion each placed with the State Bank of Pakistan for another year. The deposits were due this month.
Prime Minister Shehbaz Sharif had announced last week that the UAE had agreed to roll over the $2 billion payment owed by Pakistan this month.
Obtaining external financing was previously a key condition for the IMF to approve the $7 billion bailout deal for Pakistan.
