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As the country’s foreign exchange reserves dry up, Pakistan’s Prime Minister Shehbaz Sharif Will travel to the United Arab Emirates (UAE) on January 10 to seek an emergency cash deposit from its West Asian partners.Sheikh Baz Sharif will fly to the UAE on Tuesday with his foreign minister, Bilawal Bhutto Zardari, and is expected to have army Sources confirmed to the Tribune on Sunday that the top general, Syed Asim Munir, was already traveling to the Middle East.
The Pakistani prime minister is reportedly on the visit amid the country’s worsening economic crisis. Meanwhile, foreign reserves held by the State Bank of Pakistan (SBP) have shrunk to just $4.5 billion, leaving less than a month’s worth of import guarantees. The market slumped after repaying $1.2 billion worth of loans to Dubai-based commercial banks. Geo News, citing sources, reported that the development leaves Pakistan with less than a month of import guarantees as the country grapples with a worsening economic crisis while trying to lower imports amid a dollar shortage.
Reports said the breakup indicated that UAE banks had returned $600 million, while repaying $420 million to dubai Islamic banking. The Pakistani government will try to mobilize foreign funding worth $1.5 billion at the upcoming International Conference on Climate Adaptation in Pakistan next week, the report said.
Before going to the UAE, Sharif will go to Geneva Sunday. On January 9, he will lead a high-level delegation of federal ministers to Switzerland to co-chair the meeting with UN Secretary-General António Guterres. The meeting was aimed at helping the people and government of Pakistan to recover more effectively from the outbreak. recent devastating floods.
“Maybe our friendly countries are waiting for a meeting of donors so they can help us (and provide loans),” Pakistan’s Planning and Development Minister Ahsan Iqbal told Geo News’ Shah Zeb Kanzada last month. (Arnie)
(This story was not edited by Devdiscourse staff and was automatically generated from a syndicate feed.)
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