According to officials in the Ministry of Finance who spoke on Tuesday, Pakistan has asked the United Arab Emirates (UAE) to roll over a $2 billion loan.
Sources claim that Prime Minister Anwaar-ul-Haq Kakar has corresponded with the President of the United Arab Emirates on this subject.
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According to sources, the State Bank of Pakistan (SBP) received $3 billion in safe deposits from the United Arab Emirates. One billion dollars was supposed to mature on January 17, 2024, and another billion dollars was supposed to mature on January 23. On one $1 billion, the nation is paying interest at a rate of 3 percent; on the other $1 billion, the interest rate is 6.5 percent.
According to sources, the UAE is probably going to roll over the full $2 billion in the next few days.
It is important to note that the State Bank of Pakistan’s liquid foreign exchange reserves have grown during the past several weeks. The SBP’s foreign exchange reserves were valued at $8.221 billion on December 29. Over the past two weeks, the central bank’s reserves have climbed by more than $1.3 billion.
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