Abu Dhabi official highlights UAE’s intention to invest $1 billion in Pakistan – Pakistan

An official source from state news agency Abu Dhabi stressed that the UAE intends to invest $1 billion in Pakistani companies in various sectors of the economy and investment WAM It was a key development that brings Pakistan closer to meeting what the International Monetary Fund calls a funding gap ahead of a board meeting later this month, it was reported on Friday.

“The move is aimed at exploring new investment opportunities and areas of project cooperation in various fields to expand bilateral economic relations, which is in the best interests of both countries,” it said. WAM.

“It also underscores the enthusiasm of the UAE and Pakistan to continue to cooperate in various fields including gas, energy infrastructure, renewable energy, healthcare, biotechnology, agritech, logistics, digital communications, e-commerce and financial services.”

Previously, Pakistan Finance Minister Mivta Ismail once said, “A friendly country” It has confirmed pledges to help Pakistan close its funding gap and said an announcement would be made soon.

Mifta had said another friendly country would also confirm its pledge within a day or two.

“I have conveyed this to the IMF and you can also contact the two friendly countries (for assurances),” Mifta said.

as the situation develops IMF says PakistanCompleting the last prior action of the seventh and eighth combined reviews with the increase in the Petroleum Development Tax (PDL), adding that the board meeting is tentatively scheduled for late August once sufficient financing guarantees are confirmed .

The Washington-based lender wants to ensure Pakistan can manage Received $4 billion in additional funding To ensure Islamabad has no funding gap after the IMF loan.

The IMF board is now scheduled to meet in the last week of August and will announce its decision to pay Pakistan $1.17 billion. In July, the International Monetary Fund announced Entered into a Staff Level Agreement (SLA) with the Pakistani authorities to complete the seventh and eighth combined review of the Extended Fund Facility (EFF).