UAE Approves $1 Billion Additional Loan For Pakistan, Defers $2 Billion Payable Loan
ABU DHABI/ISLAMABAD: The United Arab Emirates today announced one billion dollars new loan for Pakistan and also deferred $2 billion loan payable by Pakistan this month.
The UAE government decided this on Thursday during a meeting between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister of Pakistan Shehbaz Sharif in Abu Dhabi.
PM Shehbaz reached UAE on Thursday on a two-day official visit to discuss further improvement in bilateral cooperation and economic development.
The President of the UAE agreed to roll over the existing loan of US$ 2 billion and provide US$ 1 billion additional loan
The Prime Minister Office said in a statement issued today that Prime Minister Muhammad Shehbaz Sharif met His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates in Abu Dhabi today.
His Highness Sheikh Mohamed bin Zayed welcomed Prime Minister Sharif to Abu Dhabi and wished progress and prosperity for Pakistan. He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.
The Prime Minister thanked the UAE President for inviting him to the brotherly country. The two leaders discussed the fraternal relations existing between Pakistan and the UAE; and explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy.
The two leaders also had an exchange of views on regional and international issues of mutual interest.
Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.
They also expressed satisfaction over the pace of steady progress in bilateral relations. They agreed on the importance of enhanced bilateral exchanges and regular dialogue at all levels to further solidify and provide momentum to the relationship.
The President of the UAE agreed to roll over the existing loan of US$ 2 billion and provide US$ 1 billion additional loan.
Prime Minister Shehbaz Sharif invited His Highness Sheikh Mohamed Bin Zayed President of the UAE for a state visit to Pakistan to which he agreed. The dates will be decided through diplomatic channels.
Premier Shehbaz is visiting the UAE on the invitation of UAE President Sheikh Mohamed bin Zayed Al Nahyan, Foreign Office spokesperson Mumtaz Zehra Baloch said on Thursday.
During visit Prime Minister Shehbaz Sharif held an important meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan and discussed with him “advancing economic, trade and investment ties.”
According to media reports, during meeting UAE President approved one billion dollars loan for Pakistan. He also deferred two billion dollars UAE’s loans that Pakistan was supposed to pay back this month.
Additionally, Premier will also seek UAE support for increase in opportunities for the Pakistani workforce in the UAE.
Thursday’s visit of prime minister will be his third official trip to the UAE after assuming office in April 2022.
After becoming prime minister, Shehbaz Sharif visited Dubai for the first time in April 2022. PM Shehbaz made his second visit to UAE on his way back from the UK in May 2022. Premier visited UAE to offer condolences over the death of its former president Sheikh Khalifa bin Zayed Al Nahyan.
PM Shehbaz will also meet with Sheikh Mohammad bin Rashid Al Maktoum, the UAE’s vice president and prime minister as well as the ruler of Dubai.
In UAE, Shehbaz Sharif will also meet the Emirati businessmen and investors to influence them to promote bilateral trade and investment.