🚨 Breaking: Pakistan fully repays $2 billion deposit to the UAE.
The State Bank of Pakistan confirmed the repayment, along with interest, as part of its external debt obligations. The UAE had declined to roll over the deposit beyond April 17 amid regional tensions.
Pakistan was paying ~6% interest on this UAE deposit — after having sought a rate cut to 3% and a 2-year extension, both of which were refused.
Meanwhile, Saudi Arabia stepped in just days earlier, depositing $2 billion with the SBP and extending the maturity of its existing $3 billion deposit, offering Pakistan critical breathing room for its foreign exchange reserves.
Pakistan's FX reserves stand at ~$16.4B — covering roughly 2.8 months of imports. 🇵🇰
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