uae to lend pakistan $1 billion, agrees to roll over existing $2 billion loan
The UAE has agreed to extend Pakistan’s $2 billion loan and has promised an additional $1 billion loan to assist the nation’s declining foreign exchange reserves.
The United Arab Emirates has accepted an extension of Pakistan’s existing $2 billion loan and has committed an additional $1 billion to shore up the country’s dwindling foreign exchange reserves.
The choice was made at a meeting between Pakistan’s Prime Minister Muhammad Shehbaz Sharif, who traveled in Abu Dhabi today for a two-day visit to the UAE, and the President, Sheikh Mohamed bin Zayed Al Nahyan.
Shehbaz Sharif was welcomed to the capital of the UAE by Sheikh Mohamed bin Zayed, who also wished Pakistan progress and success.
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He lauded the long-standing ties between the two countries as well as the Pakistani community’s important contributions to the Emirates.
The prime minister of Pakistan expressed gratitude to the president of the UAE for the invitation to visit.
The two leaders talked about the close relationships that exist between Pakistan and the UAE and looked into ways to deepen them, particularly in the areas of trade, investment, and energy.
The two leaders also discussed topics of shared interest in the region and around the world.
Both parties committed to expand their investment cooperation, encourage joint ventures, and provide chances for investment integration between the two nations.
Additionally, they reported satisfaction with the constant pace of improvement in the two-way relationships.
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They concurred that in order to further strengthen and give the relationship momentum, increased bilateral encounters and regular interaction at all levels are essential.
The UAE’s Sheikh Mohamed accepted Pakistani PM Sharif’s invitation to travel to Pakistan for official business. Diplomatic channels will be used to choose the dates.
The UAE’s Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, as well as the Ruler of Dubai are due to meet with the prime minister.
A meeting with representatives of Emirati investment firms and sovereign wealth funds is also on his itinerary. He will also go to Wahat Al Karama to honor the UAE’s national heroes.
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