The United Arab Emirates has confirmed the rollover of its two deposits of $1 billion each placed with the State Bank of Pakistan (SBP) for another year, the central bank said on Wednesday.

“UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024,” the SBP said in a post on X.

The announcement came soon after Pakistan received $700 million from the International Monetary Fund (IMF) under the Stand-By Arrangement bailout programme.

“SBP has received SDR 528 million (equivalent to $705.6 million) in value 16th January 2024 from IMF following successful completion of the first review by the Executive Board of IMF under Stand By Arrangement (SBA),” the central bank stated in post on X.