UAE rolls over $2 billion debt for Pakistan

ISLAMABAD: Prime Minister Shehbaz Sharif informed the federal cabinet on Tuesday that the United Arab Emirates (UAE) has extended the repayment of $2 billion in debt due this month.

In his televised remarks during a cabinet meeting, PM Shehbaz described his “positive and constructive” meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan.

The two leaders discussed strengthening bilateral ties and boosting investment cooperation.

The UAE president emphasised expediting investment projects and reaffirmed his country’s commitment to its longstanding partnership with Pakistan.

During a one-on-one meeting, he announced the rollover of $2 billion in debt, for which PM Shehbaz expressed gratitude.

The prime minister highlighted that Pakistan’s economy is stabilising due to collective efforts but stressed the need for continued hard work. “With sacrifice, blood, and sweat, we will achieve prosperity and reclaim our stature,” he said.

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He underscored the importance of reducing electricity costs to boost exports and commerce. He also mentioned holding meetings to address power pricing and collaborating with provincial governments to devise a comprehensive strategy.

PM Shehbaz emphasised the significance of small and medium enterprises (SMEs) for economic growth. He referred to recent decisions taken for the SMEDA Board and announced another meeting on January 15 to further strengthen the sector.

The prime minister also noted rising textile exports and stressed a focus on export-led growth and diversification into non-traditional exports.

He announced that Indonesian President Prabowo Subianto is scheduled to visit Islamabad this month. The agenda includes discussions on cooperation in halal meat and rice exports, as well as edible oil imports.

Speaking on a firing incident in Lower Kurram, where a deputy commissioner and others were injured, PM Shehbaz condemned the attack, calling it an attempt to undermine the peace agreement. He prayed for the swift recovery of the injured being treated in Peshawar.

The prime minister also highlighted the government’s efforts to curb human smuggling, which has resulted in the loss of lives and tarnished Pakistan’s image. Regular meetings are being held with the Interior Ministry and relevant departments to eliminate this menace, he added.

APP