This loan amount has been rolled over for one year; Pakistan was supposed to pay this 2 billion dollars in January.
The United Arab Emirates has rolled over the debt of 2 billion dollars to Pakistan. According to the State Bank of Pakistan, the UAE has rolled over the two billion dollar loan of Pakistan for one year. Pakistan had to pay this 2 billion dollars in January this year. The State Bank of Pakistan has confirmed the rollover of this loan amount from the UAE.
It should be remembered that on January 9, Pakistan sent a letter to the United Arab Emirates to roll over the debt of two billion dollars. Sources from the Ministry of Finance said that in this regard, caretaker Prime Minister Anwar Haq Kakar sent a letter to the President of the United Arab Emirates. A loan of $2 billion from the United Arab Emirates was maturing in January; a total of $3 billion has been kept in the State Bank by the UAE.
Among them, one billion dollars is to be returned on January 17 and one billion dollars on January 23. Interest is charged at the rate of 3 percent on one billion dollars and 6.5 percent on one billion dollars. The Prime Minister and the Ministry of Finance are negotiating to roll over the loan amount. The $2 billion deposit from the UAE is likely to be rolled over soon. Earlier last year, China had also rolled over the debt of 2.4 billion dollars to Pakistan.
Exim Bank of China had rolled over the loan for 2 years; it was said that Pakistan would pay interest only in two years. China had approved a loan deferral for Pakistan. China’s Exim Bank had formally informed Pakistan in a letter that the tenure of all 31 loan agreements had been extended from July 21, 2023, to June 30, 2025. On the other hand, Pakistan received the next installment of $700 million from the International Monetary Fund (IMF) after the IMF’s Executive Board approved the economic review last week.
State Bank officials say that the amount released to Pakistan will be $1.9 billion, and after the last economic review, Pakistan will get another $1.1 billion. It is being said that the foreign exchange reserves had increased significantly even before the IMF loan installment was received; the total foreign exchange reserves of the country went above the level of 13 billion dollars, and after receiving the IMF installment, the foreign exchange reserves were 6 months. have reached the highest level.