Pakistan approaches UAE for $2billion loan rollover

ISLAMABAD – Pakistan on Tuesday approached United Arab Emirates (UAE) for the rollover of a $2 billion loan, finance ministry sources revealed.
It has been learnt that interim prime minister Anwaar-ul-Haq Kakar sent letter to United Arab Emirates President Sheikh Mohammed bin Zayed al-Nahyan for a rollover request.

As of 2024, Emirates holds $3 billion as a safe deposit in Pakistan’s central bank out of which $1bn is getting mature in the coming week and the rest of $1 billion will mature on January 23.

The interim government is expected to rollover over loan from Abu Dhabi in the coming days.
Last year, the UAE President rolled over Pakistan’s loan on former premier Shehbaz Sharif’s appeal, who also visited the Middle Eastern nation for a personal meeting.
The foreign exchange reserves of Pakistan are standing at $8.2 billion around a 5-month high. Furthermore, there is development about receiving $700 million tranche from IMF following the approval of the first review, which is slated for consideration on January 11.

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