Prime Minister Shehbaz Sharif will write a letter to the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, requesting him to rollover three tranches amounting to US $3 billion before their maturity dates, according to the sources.

Sources in the Ministry of Finance said all internal work has been completed, and the prime minister will soon formally approach the UAE authorities for the loan rollover.

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Officials said the UAE has deposited a total of US$3 billion in the State Bank of Pakistan (SBP), which is being used to support the country’s balance of payments.

Out of this amount, one US$1 billion tranche will mature on January 17, while another US$1 billion is due on January 23. The remaining US$1 billion tranche is expected to mature in July this year.

The government plans to request rollover of all three installments, keeping the full US$3 billion with the central bank for continued financial stability.

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Officials added that Pakistan is currently paying an interest rate ranging from 3 to 6.5 per cent on the UAE deposits, and the rate could rise above 6.5 per cent after rollover.