F.P. Report
ISLAMABAD: The United Arab Emirates Wednesday agreed to roll over the debt of 2 billion dollars to Pakistan.
State Bank of Pakistan confirmed the development in a tweet.
“UAE has confirmed rollover of its two deposits of US$1.0 billion each placed with State Bank of Pakistan for another one year which were maturing in January 2024,” SBP posted on X platform.
Earlier, it was reported that According to the Finance Ministry sources, Caretaker Prime Minister Anwaar-ul Haq Kakar has written a letter to the President of the UAE.
The sources said a total of three billion dollars had been deposited in the State Bank of Pakistan (SBP) by the UAE and the loan of two billion dollars was maturing this month. The sources said one billion dollars was maturing on January 17 and one billion dollars was maturing on January 23.
According to the sources, Pakistan was paying interest on these loans at two different rates: three per cent on a $1 billion loan and 6.5% on a $1 billion loan separately.
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