Finance Ministry Contacts UAE for Extension on $2 Billion Loan
Islamabad, Pakistan has officially requested the United Arab Emirates (UAE) to extend the deadline for a $2 billion loan, according to sources within the Ministry of Finance.
The caretaker government has reached out to the President of the UAE, seeking approval for the roll-over of the $2 billion debt. Sources in the Finance Ministry disclosed that the loan, set to mature on January 17, carries an interest rate of three percent. Additionally, there is an outstanding amount of one billion dollars with a 6.5 percent interest rate.
Insiders reveal that the UAE has deposited a total of $3 billion in the State Bank of Pakistan, of which $2 billion is slated to mature by January 2024. The request for a loan extension underscores Pakistan's efforts to navigate its financial commitments effectively.
