UAE Agrees to Roll Over $2 Billion Loan for Pakistan, PM Tells Cabinet
Prime Minister Shehbaz Sharif informed the federal cabinet on Tuesday that the United Arab Emirates (UAE) has decided to extend the repayment period for the $2 billion debt that Pakistan was scheduled to return this month.
Prime Minister Shehbaz Sharif, during his televised opening remarks at a federal cabinet meeting, highlighted his “positive and constructive” discussion with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan. He shared that the meeting focused on strengthening bilateral ties and boosting investment cooperation. The UAE president emphasized swift progress on investment projects and reaffirmed his country’s commitment to its enduring partnership with Pakistan. Additionally, he announced the rollover of a $2 billion debt, for which the prime minister expressed gratitude.
Shehbaz Sharif stressed the need for relentless effort to stabilize the economy and turn Pakistan into a prosperous nation. He remarked that economic stability required significant sacrifices, stating, “Time is not far when we will regain our stature, but this journey demands sweat and toil.”
He mentioned the unveiling of a program for a homegrown economy, which includes reducing electricity costs to boost exports and commerce. Last week, he chaired a meeting on power price reductions and plans to hold another comprehensive session on the matter this week.
Highlighting the importance of SMEs, the prime minister discussed a recent meeting to finalize the SMEDA Board and its significant decisions. Another session on SMEs is scheduled for January 15. He also noted that textile exports are increasing and called for a focus on export-led growth, particularly in non-traditional sectors.
Shehbaz Sharif revealed that Indonesian President Prabowo Subianto would visit Islamabad this month to explore bilateral cooperation. Discussions will focus on halal meat, rice exports, and edible oil imports.
The prime minister also addressed efforts to combat human smuggling, which has claimed lives and tarnished Pakistan’s reputation. Regular meetings with the Interior Ministry and relevant departments are being held to eliminate this issue and protect citizens.
