Karachi (Commerce Desk): The Pakistani government has formally requested the United Arab Emirates (UAE) to rollover a $3 billion loan before its scheduled maturities.
According to Ministry of Finance sources, Prime Minister Shehbaz Sharif sent a letter to UAE leadership requesting the rollover. Out of the $3 billion, $2 billion is due this month, while the remaining $1 billion matures in July.
This loan, obtained from the UAE in 2021, was deposited with the State Bank of Pakistan. The first $1 billion installment will mature in the second week of January, and the second installment in the third week of January. The government has requested that all three installments be rolled over ahead of their maturities, with expectations that the process will be completed on time.
The IMF has also been assured that the UAE loan will be rolled over. Sources indicate that this fiscal year, Pakistan plans to rollover a total of $12 billion in loans from the UAE, Saudi Arabia, and China.
