UAE rolls over 2bn dollars Pakistan debt, says PM Shehbaz
Pakistan
PM Shehbaz announces it after a meeting with UAE president in Rahim Yar Khan
ISLAMABAD (Dunya News) – The United Arab Emirates (UAE) has rolled over a maturing debt of $2 billion for Pakistan, a development that would stabilise country’s foreign exchange reserves.
Prime Minister Shehbaz Sharif made the announcement as the debt repayment was due in January 2025. The development comes after he called on UAE President Sheikh Mohammad bin Zayed Al-Nahyan in Rahim Yar Khan.
Addressing a cabinet session, PM Shehbaz said they discussed matters related to enhancing bilateral ties and investment opportunities.
The premier said he had asked Deputy Prime Minister Ishaq Dar to move forward with investment-related matters with the UAE.
He said the efforts in economic diplomacy were yielding results as there was stabilisation in the economy. He said the increase in textile exports of Pakistan was encouraging. He remarked that industry, agriculture, and exports would not progress if electricity prices were not reduced.
He, however, said the government would have to approach the International Monetary Fund (IMF) to cut the power tariff.
Talking about situation in Kurram, he said the attack on the deputy commissioner after the peace agreement in Lower Kurram was regrettable.
He called the attack an attempt to sabotage the peace agreement. "The deputy commissioner is receiving treatment, and prayers are being offered for the recovery of all the injured," he said.
The prime minister also condemned human trafficking, saying Interior Minister Mohsin Naqvi and his team were working to eradicate the illegal business.
