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UAE $1b loan rollover makes Pakistan confident

byMuhamad Arshad
March 13, 2021
in Business, Finance
Reading Time: 1 min read
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UAE $1b loan rollover makes Pakistan confident
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The finance ministry has claimed that it is “confident” that the United Arab Emirates (UAE) will rollover the $1 billion loan that matured on Friday, putting an end to the reports that Dubai had withdrawn the financial support.

The $1 billion loan was part of the $6.2 billion initial bailout that the UAE had announced in late 2018, helping the government of Prime Minister Imran Khan to avoid default on international debt obligations.

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“Pakistan and the UAE are great friends and we are confident of a rollover”, Finance Secretary Kamran Ali Afzal said, while responding to a query whether the UAE extended $1 billion support for one more year.

The loan matured on Friday. A senior ministry official said that the money was not going back and the UAE has informed Pakistan that it would rollover the $1 billion.

Tags: Imran KhanKamran Ali AfzalPakistanPMUAE
Muhamad Arshad

Muhamad Arshad

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