ISLAMABAD: Pakistan to ‘request’ United Arab Emirates (UAE) for rollover of $ 1 billion loan, before maturity period, sources said. 

Finance Ministry has completed working on matter and Prime Minister Shehabz Sharif is likely to pen down letter to UAE President Sheikh Mohammed bin Zayed al-Nahyan, for rollover of loan. Sources said, overall UAE kept $ 3 billion as safe deposit in State Bank of Pakistan out of which $ 2billion loan has already been rollover by UAE at Pakistan’s request, while rollover for remaining $ 1 billion will be sought. They said Pakistan is currently paying 3 to 6.5 percent interest rate on overall $ 3 billion safe deposit of United Arab Emirates. Islamabad is hoping for rollover of loan from UAE soon. UAE on January 18, 2023, also rolled over Pakistan’s loan of $ 2 billion on then-prime minister Shehbaz Sharif’s request, who also held meeting with Emirates President.