Pakistan failed to reach an agreement with the UAE to roll over the debt for the first time in seven years. Islamabad will now repay the amount by the end of this month, putting significant strain on its foreign exchange reserves, which stand at about US$16 billion, enough to cover just three months of imports.
(April 13): Pakistan is in discussions with Saudi Arabia and China for financial support to compensate for a loan of about US$3 billion that Islamabad will be forced to pay back to the United Arab Emirates, people familiar with the matter said.
The talks involve loans and investment, the people said, asking not to be identified because the talks are private. The amount of support under discussion is more than US$3.5 billion, one of the people said.
