Maria Imran 
The United Arab Emirates has confirmed the rollover of its two deposits of $1 billion each maintained with Pakistan for another year, the State Bank of Pakistan said Thursday.
The development came when the South Asian nation’s Prime Minister Shehbaz Sharif met UAE President Sheikh Mohammed bin Zayed Al Nahya while he was on a personal visit to Pakistan.
“In a one-on-one meeting he said…there is a $2 billion dollar repayment due and we are extending this,” Sharif informed reporters during a press conference.
The Pakistan PM further stated that the UAE has extended its commitment to boost investment and expand brotherly ties between the two nations. “I asked for the UAE to invest a few billion dollars in key investment projects and that would be helpful,” the PM added.
The deposits were maturing in January, as per reports.
The International Monetary Fund (IMF) is set to conduct its next review of the $7 billion, 37-month loan programme to Pakistan in February. Therefore, it has been crucial for Pakistan to secure external financing in order to get IMF approval for bail-out deals.
To secure the $7 billion IMF loan, Pakistan previously cut approximately 1.5 lakh government jobs and shut down at least six ministries as part of its deal with the international agency. Pakistan has been on the brink of an economic crisis for several years. The cash-strapped economy has sought at least 23 bailouts from the IMF since 1958.
Earlier this month, the country agreed to a ten-year plan with the World Bank for the allocation of $20 billion (€19.4 billion) worth of loans.
Besides the UAE, China and Saudi Arabia have helped Pakistan secure the IMF bailout.
