ISLAMABAD: The United Arab Emirates has rescheduled Pakistan's 2 2 billion debt.
The UAE has rescheduled the loan for another year, with the SBP calling for more lending to stabilize foreign exchange reserves, which have shrunk by a quarter in just two weeks. ۔
Finance Secretary Hamid Yaqub Sheikh told the Express Tribune on Monday that the UAE had rescheduled a 2 billion loan for another year, the last of which was owed last month by Pakistan for three years. The extension was requested by the outgoing Prime Minister Imran Khan in November 2018 for a loan of 6 6 billion.
However, the UAE approved 2 billion for a three-year period, which Pakistan received in 2019, the second largest debt rescheduled in the last 10 days, with relief from China and the UAE. Despite the receipt, SBP's foreign exchange reserves could not reach a stable level.
The Finance Ministry on Monday denied reports of talks with the IMF so as not to have a negative impact on the market and prevent the Pakistani rupee from depreciating further against the US dollar.
Talks between Pakistan and the IMF were suspended last month, when the outgoing PTI government failed to deliver on its promises to the IMF. The IMF has not yet closed its program to Pakistan. However, he is ready to negotiate with the new government.
Esther Perez Ruiz, the IMF's representative in Pakistan, told The Tribune that the fund wants to continue its program for Pakistan.
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