Pakistan will ‘request’ United Arab Emirates for rollover of $1 billion loan, before maturity period, sources said on Wednesday.
The finance ministry has completed the working on the matter and Prime Minister Shehabz Sharif is likely to pen down a letter to the UAE President Sheikh Mohammed bin Zayed al-Nahyan, for the rollover of the loan.
Sources said, overall UAE kept $3 billion as a safe deposit in the State Bank of Pakistan out of which $2bn loan has already been rollover by the UAE at Pakistan’s request, while a rollover for the remaining $1 bln will be sought.
They said Pakistan is currently paying 3 to 6.5 per cent interest rate on the overall $3 billion safe deposit of the United Arab Emirates. Prime Minister Shehbaz Sharif will write a letter to the UAE president, in which he will thank the Emirates for its support to Pakistan and will seek rollover of $1 billion on the current terms and conditions, the sources said. Islamabad is hoping for the rollover of the loan from UAE soon.
