Formal nod for $2b rollover awaited
Pakistan said on Wednesday that it was in communication with the United Arab Emirates and that there was no issue in the rollover of a $2 billion debt, but did not confirm whether the Gulf nation had formally conveyed its decision to further extend the repayment period. "We are in communication with the UAE authorities and there is absolutely no issue in the rollover of the $2 billion debt," Finance Minister Muhammad Aurangzeb said while responding to a question about the status of the UAE debt. He was speaking to journalists after attending a meeting of the National Assembly Standing Committee on Finance. The minister's reference to continued communication suggests that the UAE has not yet rolled over the debt for one or two years, as requested by Pakistan in December. Responding to a question about ambiguity surrounding the rollover, which first matured between January 16 and 22, the finance minister reiterated that the external financing gap had been fully met and ther...