Save Our Pak
Islamabad: The United Arab Emirates has provided major financial relief to Pakistan by extending a $2 billion loan for one month.
According to details, the UAE has approved a one-month rollover of Pakistan’s $2 billion loan, which had matured last month. Sources said the remaining $1 billion loan is set to mature in July.
Officials confirmed that Pakistan has once again requested the UAE to roll over the full $3 billion loan for one year. The request includes rolling over all three loan tranches together.
Sources added that the UAE has deposited $3 billion in Pakistan’s central bank, which is currently being used to meet balance-of-payment needs and stabilize foreign exchange reserves.
Under the conditions of the IMF program, Pakistan must roll over nearly $12 billion in loans during the current financial year. This includes the $3 billion loan obtained from the UAE.
According to sources, Pakistan is trying to secure a one-year rollover of the full $3 billion UAE loan to meet IMF requirements and reduce pressure on its foreign currency reserves.
Reported by Save Our Pak
