Prime Minister Shehbaz Sharif announced on Tuesday that the United Arab Emirates (UAE) has agreed to roll over a $2 billion loan originally due in January.
During the federal cabinet meeting, the prime minister shared details of his “positive and constructive” meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan. They discussed enhancing bilateral relations and strengthening investment cooperation.
The UAE president emphasized accelerating investment projects and reaffirmed his country’s commitment to deepening its partnership with Pakistan. He also announced the rollover of the $2 billion debt, for which Prime Minister Shehbaz expressed gratitude.
Shehbaz noted that while Pakistan’s economy is stabilizing, the path to prosperity requires unwavering effort and sacrifice. “With collective dedication, we’ll regain our stature and achieve lasting prosperity,” he stated.
He highlighted key economic measures, including reducing electricity costs to boost exports and commerce, with further discussions scheduled this week.
Shehbaz also emphasized the importance of small and medium enterprises (SMEs) and announced a meeting on January 15 to finalize SME strategies. He further shared updates on increasing textile exports and diversifying non-traditional exports.
Additionally, he mentioned the expected visit of Indonesian President Prabowo Subianto to discuss strengthening bilateral trade, particularly in Halal meat, rice, and edible oil
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