Rollover of $2bn UAE deposit leaves Pakistan optimistic. There are hopes that Pakistani authorities may be able to roll over deposits worth $2 billion that have been made with the United Arab Emirates (UAE) in the coming months, Geo News reported on Monday.
In an interview with Geo News, a source close to the matter said Anwaar-ul-Haq Kakar, the caretaker Prime Minister, wrote a letter asking UAE President Mohamed bin Zayed Al Nahyan for the rollover of the government.
In this current month, there will be two separate deposit maturities, the sources said, one on January 17 and the other on January 20. According to them, the loans were taken on an interest rate of 3% and 6.5%, respectively.
State Bank of Pakistan (SBP) has deposited $3 billion worth of loans with the oil-rich Gulf state so far, according to sources close to the bank.
A source added: “Hopefully, the UAE will roll over the $2 billion in deposits soon. The Prime Minister’s Office is working on the issue as well as the Ministry of Finance.”
Despite the fact that the central bank’s foreign exchange reserves reached a five-month high of $8.221 billion as of December 29, the government hopes to see a further boost as a result of the approval of a loan from the International Monetary Fund (IMF).
IMF’s Executive Board has also agreed that on January 11 in Washington, D.C., the organization will consider Pakistan’s request to complete its first review and release the second tranche of $700 million as soon as possible.
That news provided by timenews.
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