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Pakistan PM Imran Khan Gets Into Panic Mode as UAE Demands Return of $ 1 Billion Loan

Pakistan PM Imran Khan Gets Into Panic Mode as UAE Demands Return of $ 1 Billion Loan
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Pakistan PM Imran Khan Gets Into Panic Mode as UAE Demands Return of $ 1 Billion Loan

Pakistan PM Imran Khan Will get Into Panic Mode as UAE Calls for Return of $ 1 Billion Mortgage

Imran Khan

Islamabad: In a giant jolt to Pakistan, the United Arab Emirates (UAE) has demanded its USD 1 billion again from the Imran Khan-led Pakistan authorities. Notably, the quantity which was deposited with the central financial institution of the nation— the State Financial institution of Pakistan (SBP) has now reached its maturity. The deadline to return again USD 1 bn was March 12. Additionally Learn – After Two Years of Marriage ceremony, Pakistani Brides Lastly Unite with Their Indian Husbands

Stories claimed that a number of makes an attempt have been made by prime Pakistani officers to succeed in out to UAE, particularly to Crown Prince, requesting a deadline extension. Nonetheless, there hasn’t been any response. Pakistani has pleaded to UAE that returning such an enormous quantity can influence its financial scenario proper now. Additionally Learn – Pakistan Imran Khan’s ‘Aap Ne Ghabrana Nahi’ Speech Will get Musical Twist, Video Goes Viral

The nation has cited its debt-ridden economic system and the influence of the COVID-19 pandemic as a purpose behind the delay. It has asserted that returning such an enormous quantity can influence its financial scenario proper now. In keeping with the World Financial institution estimate, amid the covid pandemic, Pakistan’s actual GDP progress is estimated to have declined from 1.9 % in FY19 to -1.5 % in FY20.

Earlier this yr, IMF and Pakistan reached a staff-level settlement to launch $500 million as a part of the bigger mortgage pact. 2019 noticed the worldwide monetary establishment agreeing to offer a $6 billion mortgage to the nation to rein within the debt disaster in change for reform measures.

(With Inputs From Sidhant Sibal, Zee Media)

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