UAE Rolls Over $2bn Loan, Pledges More Investment: PM

UAE Rolls Over $2bn Loan, Pledges More Investment: PM

Shahbaz Sharif has said that the United Arab Emirates (UAE) has agreed to roll over $2 billion due in January.

Addressing the federal cabinet meeting, Prime Minister Shahbaz Sharif shared details of his recent meeting with United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan.

During the meeting, Sheikh Zayed Al Nahyan assured more investment in Pakistan.

The Prime Minister said that Sheikh Zayed Al Nahyan has deferred the payment of a $2 billion loan that was due in January.

Prime Minister Shahbaz Sharif and UAE President Sheikh Zayed Al Nahyan met in Rahim Yar Khan in which the two leaders discussed economic and political relations.

According to a statement issued by the Prime Minister’s Office (PMO), the two leaders discussed several issues including economic cooperation, regional stability, climate change, and promoting mutual interests at the global level.

Pakistan has historically friendly relations with the UAE and the Gulf state is also among the major investors in Pakistan.

The prime minister said he has directed Deputy Prime Minister Ishaq Dar to enhance business ties with the UAE.

Prime Minister Shehbaz Sharif said that the federal and provincial governments will play their role in reducing electricity prices.

He said that unless the cost of energy is reduced, our industry and exports cannot grow.

Shehbaz Sharif said that the government has presented 2 to 3 options to reduce electricity prices, which will be implemented as soon as possible.

He added that we will have to approach the International Monetary Fund (IMF) to discuss the matter.

Pakistan is currently under a 37-month loan program of $7 billion with the IMF, which was signed in July last year.