UAE rolls over $2bn debt to Pakistan

MG News | April 05, 2022 at 02:09 PM GMT+05:00

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April 05, 2022 (MLN): The United Arab Emirates (UAE) has deferred over $2 billion debt for Pakistan to help ease pressure on falling foreign reserves and domestic currency.

When Mettis Global reached out to the spokesperson of the Finance Ministry, Muzzammil Aslam to obtain the government’s stance on the matter, he clarified that the news of the rollover of $2bn by UAE circulating in media sections is not a new development.

“The rollover of external loans from the UAE took place in the last month,” he added.

Last year, in April 2021, UAE had decided to roll over a $2bn loan to Pakistan.

To note, recently, China has also agreed in principle for granting a fresh rollover of $4.3 billion loans to Pakistan matured in March 2022.

The $2 billion loan by China’s State Administration of Foreign Exchange (SAFE), has been rolled over while the roll-over of the syndicated facility of around $2.3bn (RMB 15,000 million) is being processed.

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