According To Reports Circulating, Pakistan Was Set To Repay Loans To UAE Of Up To $3.5 Billion. Reports Regarding UAE’s Urgent Request To Repay Has Been Rejected And Dubbed As ‘Misleading’ As Ministry Of Foreign Affairs Call It A ‘Routine Transaction’
According to Arab News, Pakistan is set to pay a $3.5 billion matured loan deposits to UAE this month. According to circulating reports, UAE asked for immediate repayment. These circulating news have been dubbed as misleading by Ministry of Foreign Affairs. It insists that these repayments were part of ‘routine transactions’. The misleading reports however, were raising question marks on Pakistan’s ability to meet its external obligations.
In addition to this, reports also indicated that discussions were underway to convert some of these loan deposits from UAE into investment. On the other hand, the SBP governor stated last month that at least some UAE funds had been shifted to a monthly rollover arrangement.
In its statement refuting misleading news, the Ministry of Foreign Affairs reaffirms that the bilateral relationship between the UAE and Pakistan remains “longstanding” and is built on trust and strategic cooperation across multiple sectors.
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