The United Arab Emirates (UAE) is set to extend a $2 billion loan to Pakistan for another year, as reported. In pursuit of this extension, Caretaker Prime Minister Anwaar-ul-Haq Kakar has penned a letter to UAE President Sheikh Mohammed bin Zayed al-Nahyan formally requesting the rollover of the loan.
Sources suggest that the Ministry of Finance is optimistic about successfully negotiating and finalizing the $2 billion debt deferral within the current week.
Notably, the UAE has securely deposited $3 billion in the State Bank of Pakistan, with $1 billion maturing on January 17 and the remaining $1 billion on January 23, according to insiders. Pakistan is anticipating a swift approval for the loan rollover from the UAE.
It’s worth mentioning that on January 18, 2023, the UAE had previously rolled over Pakistan’s $2 billion loan at the request of then-Prime Minister Shehbaz Sharif, who had engaged in discussions with the Emirates president.
As of January 5, 2024, the foreign currency reserves at the State Bank of Pakistan stood at $8.155 billion, reflecting a decrease of $66 million compared to the balance on December 29, 2023.
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