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Emirates (UAE) will rollover the $1 billion loan that matured on Friday, putting an end to the reports that Dubai had withdrawn the financial support.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.
“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.