Pakistan returned loans to UAE banks, foreign exchange reserves dangerously low.
KARACHI: Pakistan returned a loan of 1.2 billion to UAE banks, after which the country's foreign exchange reserves fell dangerously low.
According to the details, the statement from the Ministry of Finance said that Pakistan returned the loan to the banks of the United Arab Emirates, on Friday, it returned 600 million dollars to the NBD Bank of the Emirates and 420 million dollars to the Dubai Islamic Bank.
After which the foreign exchange reserves of the State Bank remained at four billion and fifty million dollars, while the total reserves of Pakistan are now about ten billion dollars. According to the sources, as of December 30, 2022, State Bank had five point six billion dollars while the total reserves were 11.42 billion dollars.
The finance minister says that seven hundred million dollars from the Chinese Development Bank and three billion dollars from Saudi Arabia are expected this week.
Sources in the Ministry of Finance say that Pakistan needs foreign aid in the Geneva Conference. Efforts will be made to provide 1.5 billion dollars in the Geneva Conference.