Islamabad: According to official sources, the Pakistani government plans to request a $3 billion loan from the United Arab Emirates (UAE). Sheikh Mohamed bin Zayed Al Nahyan, the president of the United Arab Emirates, will receive a letter from Prime Minister Shehbaz Sharif asking for the rollover of three tranches totaling US $3 billion prior to their maturity dates. According to Ministry of Finance sources, the ministry has finished its job, and the PM will shortly ask the UAE authorities to roll over a US$3 billion loan. According to sources, the Gulf nation has deposited a total of US$3 billion in the State Bank of Pakistan for the balance of payments.
A $1 billion tranche is scheduled to mature on January 17 and another $1 billion on January 23, according to officials. In July of this year, the next $1 billion is anticipated to mature. The government will ask the UAE authorities to roll over all three of the $3 billion loan installments. According to officials, Pakistan is now paying between 3 and 6.5 percent interest on the United Arab Emirates’ $3 billion safe deposit in the central bank, which might increase to more than 6.5 percent.
