On Thursday, United Arab Emirates (UAE) has agreed to extend an existing loan of USD 2 billion and provide them with an additional loan of USD 1 billion to help cash-strapped Pakistan tackle its economic woes, including the fast depleting foreign exchange reserves.
The announcements have come after the Prime Minister Shehbaz Sharif’s has held a meeting with UAE President Sheikh Mohammed bins Zayed Al Nahyan in Abu Dhabi. In the meeting both the leaders have discussed bilateral relations and explored ways to further strengthen these ties, especially in the fields of trade, investment and energy. They even talked about regional and international issues of mutual interest.
Prime Minister Shehbaz Sharif has travelled to the UAE on Thursday on a two-day visit aimed at ramping up bilateral economic and trade ties, just days after the country’s powerful Army chief General Asim Munir concluded his trip to the Gulf emirate.
Sharif’s trip to UAE has came soon after the Geneva Conference on Monday where the international community pledged to provide nearly USD 10 billion to help Pakistan to rebuild its declining economy from the summer devastating catastrophic floods.
Sharif has been a leading delegation of ministers on his third visit to UAE after he has become Prime Minister in April last year. He will also meet the UAE’s Vice President Mohammad bin Rashid Al Makhtoum, who is also the prime minister and the ruler of Dubai.
Saudi Arabia and the UAE are the two key supporters of Pakistan who come to its rescue whenever the situation gets tensed in the country. When the country has faced a serious crisis as its foreign reserves are down to USD 5.8 billion, which includes deposits worth USD 5 billion from Saudi Arabia and China with specific conditions of use.
Sharif tweeted, “My visit to the UAE is aimed at building on the conversation I have had with H.H. President Sheikh @MohamedBinZayed. We share a resolve & understanding that the continuous efforts need to be made to further strengthen trade, investment & economic relations,” after he landed to UAE.
As per the Foreign Officer’s statement, “Pakistan and the United Arab Emirates enjoy close and fraternal ties based on common faith and traditions, shared history and heritage; deep-rooted cultural affinities, geographic proximity and identity of view on several regional and global issues. Regular high-level exchanges and visits are a key feature of this relationship”.
Afghan refugees being deported back to Taliban from Pakistan
