Pakistan has officially sought an extension for the maturity date of a $2 billion loan from the United Arab Emirates (UAE), according to sources from the Ministry of Finance. Prime Minister Anwaar-ul-Haq Kakar personally wrote to the UAE President, formally addressing the request for a loan rollover.
Initially, the UAE deposited $3 billion in secure accounts with the State Bank of Pakistan (SBP). Out of this, $1 billion was set to mature on January 17, 2024, and an additional $1 billion on January 23. Pakistan is currently paying interest at rates of 3 percent and 6.5 percent on different portions of the deposit.
Insider sources suggest a likelihood that the UAE will agree to rollover the entire $2 billion loan in the coming days. This decision aligns with the backdrop of strengthened liquid foreign exchange reserves held by the State Bank of Pakistan, which stood at $8.221 billion as of December 29, indicating a significant increase of over $1.3 billion in the past two weeks.
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