UAE rolls over $2b Pak loan for a month
Photo: AFP
The United Arab Emirates (UAE) has rolled over $2 billion in debt for one month at the existing interest rate of 6.5%, as Pakistan continues to hope for a better deal from the Gulf nation to avoid pressure on its foreign exchange reserves, federal government officials said on Monday.
Highly placed sources in the federal government and the central bank told The Express Tribune that the UAE rolled over two loans of $1 billion each, which matured on January 16 and 22. They said the debt was rolled over for one month to allow time for further discussions on the tenor and interest rate
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