The State Bank of Pakistan on Thursday confirmed the rollover of two deposits of $1 billion each for another year by the United Arab Emirates.

The national bank said the deposits were maturing this month.

Prime Minister Shehbaz Sharif had announced last week that the UAE had agreed to roll over the payment of $2bn due by Pakistan this month.

Securing external financing has previously been a key condition for the International Monetary Fund (IMF) to approve the $7bn bailout deal for Pakistan.

Last year, friendly countries such as China, UAE, and Saudi Arabia had helped the country successfully clinch the IMF programme by providing timely confirmation of necessary financing assurances — with the IMF’s fund disbursement tied to debt rollover confirmation from these countries.