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ISLAMABAD, Jan 12 (PTI) — The United Arab Emirates (UAE) on Thursday agreed to extend an existing loan of US$2 billion and provide an additional US$1 billion to help cash-strapped Pakistan address its economic woes, including rapid burnout. foreign exchange reserves.
The announcement was made by Prime Minister Sheikh Baz Sharif’s office after a meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi.
“The President of the UAE has agreed to roll over an existing $2 billion loan and provide an additional $1 billion,” the statement said.
It said the two leaders discussed bilateral relations and explored ways to further strengthen them, especially in the areas of trade, investment and energy. The two sides also exchanged views on regional and international issues of common concern.
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“The two sides agreed to deepen investment cooperation, promote partnerships and create opportunities for investment integration between the two countries,” it said.
Prime Minister Sharif also invited bin Zayed to pay a state visit to Pakistan, which he agreed to. It added that the date would be decided through diplomatic channels.
Sharif headed to the UAE on Thursday for a two-day visit aimed at strengthening bilateral economic and trade ties, just days after General Asim Munir, the country’s powerful army chief, wrapped up a visit to the Gulf emirate.
The UAE trip comes on the heels of Monday’s meeting in Geneva, where the international community pledged nearly $10 billion to help Pakistan rebuild from the summer’s devastating catastrophic floods.
Sharif is leading a delegation of key ministers on his third visit to the UAE since becoming prime minister last April. He was received earlier at the Abu Dhabi airport by the UAE Minister of Economic Affairs Touk Maari.
“My visit to the UAE aims to build on my dialogue with President Sheikh @MohamedBinZayed. We share a common resolve and understanding that continuous efforts are needed to further strengthen trade, investment and economic relations,” Sharif tweeted on arrival After the UAE, there are about 1.7 million Pakistanis here, and they are the main source of remittances.
He will also meet with UAE Vice President Mohammed bin Rashid Al Maktoum, who is also Prime Minister and Ruler of Dubai.
Sharif’s visit to the Gulf emirate comes two days after Army chief Gen. Munir traveled to the kingdom on the second leg of his week-long visit to Saudi Arabia and the United Arab Emirates – his first official trip abroad since taking office last November.
Saudi Arabia and the UAE, two of Pakistan’s main backers, came to the rescue when the chips were down.
Pakistan is grappling with its economic and political differences amid a narrow political contest between former prime minister Imran Khan and the current government.
The country faces a severe crisis, with its foreign exchange reserves falling to $5.8 billion, including $5 billion worth of deposits with specific usage conditions from Saudi Arabia and China.
The economic situation in Pakistan is facing serious headwinds, inflation is expected to remain high at 21-23%, and the country’s fiscal deficit widened by more than 115% in the first four months of the fiscal year (July-October) .
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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