Pakistan to return $3.5bn UAE debt before month end: official
ISLAMABAD: Pakistan has decided to return $3.5 billion in debt to the United Arab Emirates (UAE) before the end of this month, a senior Pakistani official said on Friday. The official described the move as a cost the country was willing to bear to uphold “national dignity,” even as it is set to significantly draw down foreign exchange reserves. The official disclosed that Abu Dhabi had sought the immediate return of the amount. “The amount will be returned as soon as possible,” the official said, adding that “national dignity could not be compromised for financial considerations”. These funds were part of external financing support extended by the UAE in 2019 to help stabilise Pakistan’s balance of payments. The official said the decision had ended the uncertainty surrounding the deposits placed through the Abu Dhabi Fund for Development, which had been rolled over multiple times since 2019. In recent months, the extensions had become as shorter as month long, reflecting Emi...