Pakistan premier says UAE extends $2B loan, offers $1B more

DUBAI, United Arab Emirates (AP) — Pakistan’s prime minister says that the United Arab Emirates agreed to extend a $2 billion loan to his country and provide a additional $1 billion as his nation struggles to recover from devastating floods this summer and a dire economic crisis. Prime Minister Shahbaz Sharif’s office made the announcement after he met on Thursday with the leader of the UAE, Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan. The statement said Sheikh Mohammed agreed to the loan extension and the new loan. The Emirates did not immediately acknowledge the extension of the loan and the granting of the additional billion.