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Pakistan Seeks $2 Billion Loan Rollover from UAE

Islamabad, Pakistan – The Pakistani government has requested that the United Arab Emirates (UAE) roll over a $2 billion loan, according to officials in the Ministry of Finance.

Prime Minister Anwaar-ul-Haq Kakar has reportedly corresponded with the President of the UAE on this matter, according to sources familiar with the situation.

The State Bank of Pakistan (SBP) had received $3 billion in safe deposits from the UAE, of which $1 billion was set to mature on January 17, 2024 and another $1 billion on January 23, the sources said. The country was paying interest of 3 percent on one $1 billion deposit and 6.5 percent on the other $1 billion.

The UAE is expected to roll over the full $2 billion in the coming days, the sources revealed.

It is notable that the SBP’s liquid foreign exchange reserves have been rising in recent weeks. The SBP’s forex reserves stood at $8.221 billion on December 29. Over the past two weeks, the central bank’s reserves have increased by over $1.3 billion.

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