Islamabad: The United Arab Emirates has extended its financial support to Pakistan by rolling over $2 billion in deposits for another year, providing a significant relief to the country’s financial sector.

According to a statement by Ministry of Information and Broadcasting, the UAE has confirmed the rollover of two deposits, each valued at one billion dollars, with the State Bank of Pakistan. These deposits, initially set to mature this month, will now continue to bolster Pakistan’s foreign reserves for an additional year.

The State Bank of Pakistan had been preparing for the maturity of these funds in October. The extension of these deposits is expected to stabilize the country’s financial system and provide much-needed breathing room as Pakistan navigates its economic challenges.

This financial gesture by the UAE highlights the ongoing economic cooperation between the two nations and underscores the strategic importance of their bilateral relationship. The rollover of these deposits reaffirms the UAE’s commitment to supporting Pakistan’s economic stability.