KARACHI:
The State Bank of Pakistan said on Thursday that the United Arab Emirates has confirmed the renewal of its two deposits of $1 billion each placed in the state bank of Pakistan for one more year. Deposits were due this month.
Prime Minister Shehbaz Sharif had announced last week that the United Arab Emirates had agreed to extend the $2 billion payment Pakistan was due this month.
Securing external financing has previously been a key condition for the IMF to approve the $7 billion bailout deal for Pakistan.
