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Pakistan asks UAE for $2bn deposit rollover

Pakistan has been negotiating with the Kingdom of Saudi Arabia (KSA) for the provision of an additional $1 billion Saudi Oil Facility (SOF) on deferred payment for the ongoing calendar year 2024.

Islamabad has also made a request to the United Arab Emirates (UAE) for the rollover of $2 billion deposits to avert depletion in foreign exchange reserves (FER) held by the State Bank of Pakistan just before the holding of the general elections on February 8. These two developments have come to the surface when the IMF Executive Board is scheduled to meet in Washington, D.C., on Thursday (tomorrow) for the release of second tranche of $700 million for Pakistan under the $3 billion Standby Arrangement (SBA) programme.