United Arab Emirates telecom company Etisalat will reportedly U not have to pay interest on outstanding payments for its stake in Pakistan Telecom Limited (PTCL). Last year Etisalat promised to pay $2.6 billion for a 26 per cent stake and management rights in Pakistan’s largest telecom company but missed the October deadline to make the payment. After protracted negotiations, Pakistan agreed to a deal under which the UAE company would pay $1.14 billion now in addition to the earlier down payment of $260 million, with the remaining $1.2 billion to be paid in nine installments over five years. Pakistan government officials say these payments are interest free.
