Pakistan Seeks UAE Rollover for $3bn Loan
The Pakistan government plans to seek a rollover of a three billion dollar loan from the United Arab Emirates, according to official sources.
Prime Minister Shehbaz Sharif is expected to write to UAE President Sheikh Mohamed bin Zayed Al Nahyan, requesting rollover of three loan tranches.
Sources in the Ministry of Finance said preparatory work has been completed, and the prime minister will formally approach UAE authorities shortly.
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The United Arab Emirates has deposited three billion dollars with the State Bank of Pakistan, where the funds support the country’s balance of payments.
Officials said one billion dollars will mature on January seventeen, another on January twenty three, while the remaining tranche is due in July.
Pakistan is currently paying interest rates between three and six point five percent on the deposits, which officials said could rise above that level.