Leaders of the UAE and Pakistan Hold a High-Level Meeting
Prime Minister Shehbaz Sharif announced that the United Arab Emirates has decided to extend the deadline for paying the $2 billion that Pakistan owes. Following a meeting between Prime Minister Sharif and UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan, Pakistan, the statement was made.
Sheikh Mohamed extended the loan’s original January payback period during the meeting. However, according to the UAE state-run WAM news agency, the precise length of the extension was not made public.
Investment Promises from the United Arab Emirates
Prime Minister Sharif admitted that Pakistan had asked for funding for a number of important investment initiatives. The UAE responded by pledging to invest heavily in Pakistan’s economy.
The decision by the Emirati leadership is a component of larger initiatives to improve the two countries’ economic relations. It also emphasises how ready the UAE is to help Pakistan with its economic difficulties.
Plans by Pakistan to Raise Money in the Middle East
Jameel Ahmad, the governor of the State Bank of Pakistan, announced in August 2024 that Pakistan intends to raise up to $4 billion from Middle Eastern commercial lenders by the fiscal year 2025.
Saudi Arabia and the United Arab Emirates are still backing Pakistan.
Pakistan has also received financial assistance from Saudi Arabia. The Kingdom extended its $3 billion deposit with Pakistan’s central bank for an additional year in December. According to the Saudi Fund for Development, this renewal would boost Pakistan’s economy and foreign exchange reserves.
As part of the $7 billion International Monetary Fund (IMF) bailout package for Islamabad, China, Saudi Arabia, and the United Arab Emirates have all rolled over debts.
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