UAE extends repayment of $2b loan given to Pakistan
- By Web Desk -
- Apr 20, 2021
ABU DHABI: The United Arab Emirates (UAE) has extended the repayment of a $2 billion deposit given to Pakistan by the Abu Dhabi Fund for Development (ADFD) in January 2019 to boost liquidity and help overcome the financial crisis.
Islamabad was scheduled to repay $2 billion funds to ADFD by April 19, 2021.
This was announced on Tuesday following a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, Foreign Minister Shah Mahmood Qureshi, which took place late on Monday.
The news was also confirmed by the MOFA in a Tweet from its official handle.
FM @SMQureshiPTI lauded 🇦🇪 consistent support to 🇵🇰 and welcomed the announcement of rolling back payment of USD 2 billion, which symbolizes the depth and strength of bilateral ties. #PakFMinUAE (3/4) pic.twitter.com/AkCb7oYfYn
— Spokesperson 🇵🇰 MoFA (@ForeignOfficePk) April 19, 2021
A total of $3 billion lifeline was deposited by the UAE with the State Bank of Pakistan in January 2019 to help fill the current account deficit gap and improve foreign exchange reserves to support Pakistan’s currency.
Qureshi landed in the UAE on Saturday on a three-day official visit and will fly out to Iran today as part of his regional visit. It is the Pakistani foreign minister’s second visit to the UAE in the last four months, reflecting growing bilateral relations and high-level contacts between the two countries.