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After talks between Pakistan Prime Minister Shehbaz Sharif and UAE President Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi on Thursday the UAE agreed to defer a US$2 billion loan repayment and provide an additional US$1 billion loan to Pakistan, the national news agency Associated Press of Pakistan reported.
The foreign currency reserves of Pakistan's central bank have fallen to an eight-year low of less than US$6 billion, with importers in key sectors, including manufacturing, facing difficulties in securing letters of credit from banks.
Pakistan has turned to friendly countries for help in overcoming its foreign exchange troubles. - Bernama
