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UAE defers $2b debt payment on govt’s request

06 Apr, 2022
The Finance Ministry officials said that Pakistan was bound to return $2billion worth of loan to the UAE in March, adding that the UAE authorities agreed to defer the payment of the loan at the request of Pakistan. Photo via Emirates News Agency-WAM/File
The Finance Ministry officials said that Pakistan was bound to return $2billion worth of loan to the UAE in March, adding that the UAE authorities agreed to defer the payment of the loan at the request of Pakistan. Photo via Emirates News Agency-WAM/File

ISLAMABAD. The United Arab Emirates deferred on Tuesday a $2billion debt payment that Pakistan was bound to repay in March, NNI reported.

The Finance Ministry officials said that Pakistan was bound to return $2billion worth of loan to the UAE in March, adding that the UAE authorities agreed to defer the payment of the loan at the request of Pakistan.

“The deferral of the debt will help reduce external financial pressure,” said the finance ministry officials.

It is to be noted here that the UAE had granted a loan of $2 billion to Pakistan in 2019 to help the country overcome economic difficulties.