The United Arab Emirates (UAE) will rollover a $2 billion loan to Pakistan for a longer period this time, Deputy Prime Minister and Foreign Minister Ishaq Dar said on Wednesday.
Speaking informally to the media, he described the deposits as secure and assured that the rollover process would be automatic.
Earlier this month, Pakistan s secured an in-principle agreement from the UAE to roll over a $2 billion deposit for two months.
For the current fiscal year, Pakistan is seeking rollover of roughly $12 billion in external deposits, including about $9 billion from Saudi Arabia and China, in addition to the UAE funds. Saudi Arabia agreed in December to extend the maturity of its $3 billion deposit with Pakistan’s central bank by one year.
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Perpetual cycle of debt.