Pakistan in talks with UAE to rollover $2bn loan

MG News | January 09, 2024 at 03:54 PM GMT+05:00

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January 09, 2024 (MLN): Pakistan has formally approached the United Arab Emirates (UAE) to request the rollover of a $2 billion loan, according to sources.

This $2bn amount comprises of one loan which is maturing on January 17, 2024, with an interest rate of 3%, while another loan of $1bn with an interest rate of 6.5%.

To note, the UAE currently holds a total deposit of $3bn with the State Bank of Pakistan (SBP).

Sources revealed that discussions are underway between the Prime Minister's office and the Ministry of Finance.

At present, the foreign exchange reserves held by the central bank stand at about $8.2bn.

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