ISLAMABAD – The United Arab Emirates (UAE) is expected to rollover a $2 billion loan of Pakistan for another year.
Reports said that the UAE is considering deferring the loan for a period of one year in order help the South Asian country facing economic woes.
Caretaker Prime Minister Anwarul Haq Kakar has written a letter to the UAE president seeking rollover in loan, which is scheduled to mature by January 23.
Reports added that Pakistan will pay three percent interest on $1 billion while 6.5% interest will be paid on the another billion dollars.
In January 2023, the UAE had also agreed to rollover the existing debt of $2 billion of Pakistan and provided additional $1 billion loan to help the country strengthen its forex reserves.
UAE President Sheikh Mohamed bin Zayed had made the announcement during a meeting with former PM Shehbaz Sharif.
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