Islamabad: The United Arab Emirates (UAE) has agreed to roll over USD 2 billion in debt owed by Pakistan, providing crucial fiscal relief, as reported by a news source on January 8.
According to the details, the loan, initially deposited in Pakistan’s State Bank in 2023, was due for repayment this month. Prime Minister (PM) Shehbaz Sharif shared this development during a federal cabinet meeting, recounting his recent discussion with UAE President Sheikh Mohamed bin Zayed Al-Nahyan. The UAE leader personally offered the extension during a meeting in Rahim Yar Khan and expressed a commitment to strengthening bilateral ties by investing in key Pakistani projects.
PM Sharif also highlighted ongoing efforts to address economic challenges. He emphasised the need for reducing electricity prices to support industrial growth and exports, noting that the government is prepared to engage with the International Monetary Fund (IMF) to achieve this. PM Sharif referenced the National Economic Transformation Plan 2024-29 as a cornerstone of the country’s economic strategy and mentioned upcoming meetings to finalise measures for sustainable economic growth.
PM Sharif underscored the importance of the Small and Medium Enterprises Development Authority (SMEDA) as vital to Pakistan’s progress. In an upcoming meeting, he announced plans to evaluate SMEDA’s performance and strategic direction. On the trade front, he noted a rise in textile exports and expressed intentions to explore further opportunities with Indonesia and strengthen relations with Malaysia.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
