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The United Arab Emirates (UAE) is expected to roll over a $2 billion loan to Pakistan for one year.
Caretaker Prime Minister Anwaar-ul-Haq Kakar wrote a letter to the UAE President Sheikh Mohammed bin Zayed al-Nahyan, seeking rollover of the loan.
“Ministry of Finance are confident that the $2 billion debt deferral will be successfully negotiated and finalized within this week,” say sources.
Overall UAE kept $3 billion as a safe deposit in the State Bank of Pakistan out of which $1bn is getting mature on January 17 and the other $1 bn will mature on January 23, the sources said.
Pakistan is hoping for the rollover of the loan from UAE soon. It is to be noted that UAE on January 18, 2023, also rolled over Pakistan’s loan of $2 billion on the then-prime minister Shehbaz Sharif’s request, who also held a meeting with the Emirates president.
On January 5, 2024, the foreign currency reserves held by the SBP were recorded at $8.155 billion, down $66 million compared to $8.221 billion on December 29, 2023.
The central bank reserves have increased by over $1 billion over the last few sessions.
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