Pakistan optimistic about rollover of $1bn UAE loan

ISLAMABAD: The federal government is optimistic about the rollover of $1 billion UAE loan for another year.

Senior officials of the finance ministry told this scribe that they are confident that UAE “will not withdraw its $1 billion loan as both countries are great friends and enjoy cordial relations”.

The said that the payment of $1 billion UAE loan had matured this month and Pakistan was bound to pay this amount on Friday. However, officials said that UAE will retain the cash deposit for another year.

Earlier in January, the UAE and Saudi Arabia had decided to retain $2 billion loans for one more year.

Article continues after this advertisement

Prime Minister Imran Khan had obtained $6.2 billion financial support package from Riyadh in October 2018 and another $6.2 billion had been agreed by the UAE. However, the UAE subsequently disbursed only $2 billion.

On the other hand, KSA had already withdrawn $2 billion out of $3 billion in loans.

- Advertisement -
- Advertisement -

Must Read

PRL signs agreement worth $1.2bn to double its oil refining capacity

Pakistan Refinery Limited (PRL) in a bid to double its refining capacity has inked an agreement worth $1.2 billion with Wood Group UK Limited...

U Bank Polo Cup 2022