UAE extends deadline of $2bn loan repayment for Pakistan

12:13 PM | 20 Apr, 2021
UAE extends deadline of $2bn loan repayment for Pakistan

ABU DHABI – The United Arab Emirates (UAE) Monday extended the deadline for the repayment of the $2 billion loan given to Pakistan in 2019.

The development was announced after a meeting between Foreign Minister Shah Mehmood Qureshi with his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi. UAE FM briefed his Pakistani counterpart on the extension of the loan repayment period.

The official handle of the Ministry of Foreign Affairs also confirmed the development. “FM Qureshi lauded UAE’s consistent support to Pakistan and welcomed the announcement of rolling back payment of $ 2 billion, which symbolizes the depth and strength of bilateral ties,” MOFA post stated Tuesday.

During the meeting, both dignitaries discussed two-way cooperation in mutual interest sectors including trade, investment, infrastructure development, energy, technology, tourism, and workforce.

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Qureshi also thanked the Emirates Foreign Minister for full support of the Emirate government in the establishment of the Pakistani pavilion in Expo, Dubai 2020.

“Pakistan will fully participate in the Dubai Expo 2020 this year in October and the world may know about Pakistan's history, geographical importance, civilization, and the wide opportunities available for business and tourism in Pakistan,” Foreign Minister said.