Pakistan says all UAE debt worth $3.45B repaid

Pakistan Friday said it had repaid all debt to the United Arab Emirates (UAE) to the tune of $3.45 billion.

The State Bank of Pakistan said in a statement that it repaid a deposit of $1 billion to the Abu Dhabi Fund for Development (ADFD), UAE.

“Deposits of $2.45 billion were repaid last week. This completes the repayment of total deposits of $3.45 billion to the UAE,” the central bank said.

The repayment of the debt by Islamabad comes after Saudi Arabia granted Pakistan funds of around $3 billion this month.

Besides, Riyadh rolled over an existing $5 billion deposit for a longer period, providing further financial stability to Pakistan.

The State Bank of Pakistan said the total foreign reserves held by the country stood at $20.63 billion as of last week.

Pakistan had received funds from the ADFD in 2019 to help stabilize the South Asian nation’s balance of payments.