Pakistan requests UAE President to roll over $2 billion debt


ISLAMABAD (ANN): Pakistan has requested to roll over the debt of 2 billion dollars to the United Arab Emirates (UAE).

According to the Finance Ministry sources, Caretaker Prime Minister Anwaar-ul Haq Kakar has written a letter to the President of the UAE.

The sources said a total of three billion dollars had been deposited in the State Bank of Pakistan (SBP) by the UAE and the loan of two billion dollars is maturing this month.

The sources said one billion dollars are maturing on January 17 and one billion dollars are maturing on January 23.

According to the sources, Pakistan was paying interest on these loans at two different rates: three per cent on a $1 billion loan and 6.5% on a $1 billion loan separately.

The $2 billion deposit from the UAE is likely to be rolled over soon, the sources said adding that talks are ongoing to roll over the debt of the PM Office and the Ministry of Finance.

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