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Pakistan gets new US$1 bil loan from UAE

12 Jan 2023 08:59pm
Pakistan hit by one of the worst floods
Pakistan hit by one of the worst floods
NEW DELHI - Pakistan has received a new US$1 billion loan from the United Arab Emirates (UAE) amid its dwindling foreign exchange reserves.

After talks between Pakistan Prime Minister Shehbaz Sharif and UAE President Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi on Thursday the UAE agreed to defer a US$2 billion loan repayment and provide an additional US$1 billion loan to Pakistan, the national news agency Associated Press of Pakistan reported.

The foreign currency reserves of Pakistan's central bank have fallen to an eight-year low of less than US$6 billion, with importers in key sectors, including manufacturing, facing difficulties in securing letters of credit from banks.

Pakistan has turned to friendly countries for help in overcoming its foreign exchange troubles. - Bernama

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