ISLAMABAD : Pakistan has officially appealed to the United Arab Emirates (UAE) to extend the repayment period for a $3 billion loan ahead of its maturity date.
As revealed by officials from the Ministry of Finance, Prime Minister Shehbaz Sharif has addressed a letter to the UAE leadership, requesting the extension of the loan repayment timeline. The loan, initially set for repayment in two installments—$2 billion in January and $1 billion in July—is part of an agreement established in 2021.
The $3 billion amount was placed with the State Bank of Pakistan, with $1 billion due in the second week of January and another $1 billion in the third week of the same month. The government is reportedly seeking an extension for all three installments before they reach their maturity dates and anticipates completing the process within the required timeframe.
In addition, Pakistan has conveyed assurances to the International Monetary Fund (IMF) that the UAE will fulfill its commitment to the loan extension throughout the duration of the IMF loan program.
In total, Pakistan is planning to secure rollovers amounting to $12 billion this year, involving loans from the UAE, Saudi Arabia, and China.
