DUBAI: (Web Desk) – The United Arab Emirates (UAE) has rolled over a $2 billion loan for Pakistan for one month.
According to sources, the $2 billion loan, which had matured last month, has been extended for 30 days, while the remaining $1 billion is set to mature in July. Pakistan has reportedly requested the UAE to roll over the full $3 billion loan for one year and has sought to have all three installments extended together.
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The UAE has deposited $3 billion in the State Bank of Pakistan, which is being used to meet the country’s balance of payment requirements. Under the IMF program, Pakistan is required to roll over $12 billion in loans this fiscal year, including the $3 billion from the UAE. Sources said Pakistan aims to extend the $3 billion loan for a year to fulfill IMF conditions and reduce pressure on foreign exchange reserves.
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