before its maturity
ISLAMABAD
Pakistan has made a formal request to the United Arab Emirates (UAE) for rolling over a $3 billion loan before its maturity. As per media reports, Prime Minister (PM) Shehbaz Sharif has made request to UAE leadership through a letter to roll over a $3 billion loan before its maturity. Loan is due for repayment in two installments — $2 billion this month and $1 billion in July. According to sources the 3 billion dollars obtained from UAE were deposited at State Bank of Pakistan.
Loan of one billion dollars will become mature in the second week of January while another installment of one billion dollars will become mature in third week of January.
According to finance ministry sources request is being made by the government to roll over all the three installments of 3 billion dollars before maturity. It is expected the three installments will become roll over timely.
As per sources , Pakistan has assured the International Monetary Fund (IMF) that the UAE will honour the roll-over commitment throughout the loan program.
Pakistan expects a total of $12 billion in loans will be rolled over from the UAE, Saudi Arabia, and China this year.
