UAE extends $ 2bn loan repayment period for Pakistan

The United Arab Emirates (UAE) has extended the repayment period of a $ 2 billion loan given to Pakistan in 2019.

The development was made during a meeting between Foreign Minister Shah Mehmood Qureshi with his UAE counterpart Sheikh Abdullah bin Zayed Al Nahyan in Abu Dhabi. During the meeting, Sheikh Abdullah briefed his Pakistani counterpart on the extension of the loan repayment period.

“FM Qureshi lauded UAE’s consistent support to Pakistan and welcomed the announcement of rolling back payment of $ 2 billion, which symbolizes the depth and strength of bilateral ties,” said the Ministry of Foreign Affairs in a statement.

Back in March, it was reported the government expects a rollover of $1 billion by the United Arab Emirates (UAE). A finance ministry official on condition of anonymity confirmed to Business Recorder that the return of the amount to the UAE was due on 12 March 2021.

As per MoFA, SM Qureshi and his UAE counterpart discussed expanding Pakistan, UAE ties in diverse fields including trade, investment, infrastructure development, energy, technology and human resource development.

FM Qureshi thanked UAE FM Abdullah for aiding the Pakistani diaspora, particularly the workforce, during the challenging times of the coronavirus pandemic.

The Foreign Minister arrived in the UAE on Saturday where he held talks with his counterpart Sheikh Abdullah bin Zayed Al Nahyan and other UAE dignitaries.