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UAE more likely to rollover $2 bn mortgage to Pakistan

 Pakistan & UAE
The United Arab Emirates (UAE) is predicted to roll over a $2 billion mortgage to Pakistan for one yr.

Caretaker Prime Minister Anwaar-ul-Haq Kakar wrote a letter to the UAE President Sheikh Mohammed bin Zayed al-Nahyan, searching for rollover of the mortgage.

“Ministry of Finance are assured that the $2 billion debt deferral can be efficiently negotiated and finalized inside this week,” say sources.

Total UAE saved $3 billion as a protected deposit within the State Financial institution of Pakistan out of which $1bn is getting mature on January 17 and the opposite $1 bn will mature on January 23, the sources mentioned.

Pakistan is hoping for the rollover of the mortgage from UAE quickly. It’s to be famous that UAE on January 18, 2023, additionally rolled over Pakistan’s mortgage of $2 billion on the then-prime minister Shehbaz Sharif’s request, who additionally held a gathering with the Emirates president.

On January 5, 2024, the international forex reserves held by the SBP had been recorded at $8.155 billion, down $66 million in comparison with $8.221 billion on December 29, 2023.

The central financial institution reserves have elevated by over $1 billion over the previous few periods.