- Caretaker PM Kakar writes letter to UAE President Al Nahyan.
- Two separate deposits are maturing on January 17 and 20.
- Pakistan hopeful of boosting foreign exchange reserves in ongoing month.
ISLAMABAD: Pakistan is hopeful of getting $2 billion deposits rolled over by the United Arab Emirates (UAE), sources instructed Geo Information Monday, because the authorities try to maintain the nation’s monetary affairs afloat.
The sources within the finance ministry instructed Geo Information that caretaker Prime Minster Anwaar-ul-Haq Kakar has written a letter to UAE President Mohamed bin Zayed Al Nahyan for the rollover.
Two separate deposits will mature throughout the ongoing month, the sources mentioned, one on January 17 and the opposite on January 20. They added that the loans have been taken on 3% and 6.5% curiosity.
The entire quantity of loans that the oil-rich Gulf state has deposited with the State Financial institution of Pakistan (SBP) is $Three billion, the sources famous.
“Hopefully, the UAE will quickly roll over the $2 billion deposits. The Prime Minister’s Workplace and the Ministry of Finance are engaged on the problem,” the sources added.
The international change reserves held by the central financial institution have been recorded at a greater than five-month excessive of $8.221 billion as of December 29, with the federal government hopeful of an extra increase after a mortgage approval from the Worldwide Financial Fund (IMF).
The IMF has additionally confirmed its Government Board would think about Pakistan’s request for completion of the primary assessment and launch of the second tranche price $700 million on January 11 in Washington.