Pakistan has made arrangements to repay $3.5 billion in loans to the United Arab Emirates (UAE) by next week, it was reported on Wednesday.
According to details, the repayment plan includes $450 million borrowed in 1996-97, $2 billion secured in 2018, and an additional $1 billion obtained as deposits in 2023.
According to sources, $450 million will be repaid within the current week. A further $2 billion is scheduled for payment on April 17, followed by $1 billion on April 23.
Officials said Pakistan had finalized all arrangements for the repayments and emphasized that the country’s foreign exchange reserves were sufficient to meet the obligations. The State Bank of Pakistan currently holds foreign reserves of $16.4 billion.
Pakistan had been paying an annual interest rate of 6.5 percent on rolled-over loans from the UAE.
Authorities also said arrangements were underway for the repayment of a $1.3 billion Eurobond, as the government continues efforts to manage external liabilities.
