Monday, February 26, 2024
Monday, February 26, 2024
HomeTop NewsUAE Considers Rolling Over $2 Billion Loan to Pakistan

UAE Considers Rolling Over $2 Billion Loan to Pakistan

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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1 COMMENT

  1. It was great seeing how much work you put into it. The picture is nice, and your writing style is stylish, but you seem to be worrying that you should be presenting the next article. I’ll almost certainly be back to read more of your work if you take care of this hike.

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