Islamabad: The Abu Dhabi Fund for Development (ADFD) has offered a rollover of USD 2 billion to Pakistan, bringing macroeconomic stability to forex reserves, news sources reported on January 18.
The news was shared by Finance Minister Ishaq Dar on his official Twitter. In his tweet, the minister said that “Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of
$ 2 billion with the State Bank of Pakistan, as discussed by #PM
@CMShehbaz
with His Highness the President of UAE during last week’s official visit to ??!
Long live Pak-UAE friendship!”
Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2billion with State Bank of Pakistan, as discussed by #PM@CMShehbaz with His Highness the President of UAE during last week’s official visit to ??! Long live Pak-UAE friendship!
The minister thanked the UAE government for the timely assistance. As per the finance division, Pakistan is also getting USD 1 billion in foreign assistance as a loan from UAE in addition to the rollover.
It is important to note that the rollover from UAE was agreed upon last week during a visit of Prime Minister (PM) Shahbaz Sharif to UAE. As per the market experts, the deferment of the loan payment and securing of additional funds would help Pakistan in dealing with the upcoming International Monetary Fund (IMF)’s ninth review regarding the release of the USD 1.18 billion tranche.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
