UAE Extends $2 Billion Deposit, PM Shehbaz Announces to Cabinet
UAE Extends $2 Billion Deposit, PM Shehbaz Announces to Cabinet
Prime Minister Shehbaz Sharif announced Tuesday that the United Arab Emirates (UAE) has extended a $2 billion loan deposit, providing Pakistan with a significant fiscal buffer.Foreign exchange reserves have been consistently increasing, and political stability has improved as the nation has made macroeconomic progress after two years of fiscal crises.During a cabinet meeting, Prime Minister Shehbaz disclosed that he had met with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan. During the meeting, the Gulf nation’s leader suggested extending the loan.
“He delightedly informed me that the UAE was extending the $2 billion owed by Pakistan in January.” The prime minister stated that he independently proposed the idea and promptly issued the necessary directives.Pakistan’s foreign exchange reserves have increased from $2.7 billion to $11.7 billion in the past two years. Meanwhile, the external public debt remains at $100 billion, as it did two years ago.The prime minister provided the cabinet with additional information regarding his meeting. The UAE president assured Pakistan that he would support its pursuit of economic stability, citing the nations’ longstanding brotherly relationship.
Prime Minister Shehbaz also characterized his meeting with the UAE president as positive and productive, stating that the discussions focused on investment opportunities.Shehbaz emphasized the importance of measures designed to strengthen mutual relationships and disclosed that a specific objective had been established. “This target will create a favorable impression regarding investment,” said the executive.Progress is impossible without a reduction in the power tariff.
PM Shehbaz urged Deputy Prime Minister Ishaq Dar to prioritize investment-related initiatives and underscored the pressing necessity of lowering electricity prices.He stated that progress cannot be made until electricity costs are reduced and that two to three options for reducing tariffs are being considered. A subsequent meeting is scheduled for later this week to finalize these measures.The prime minister recognized that the country’s economic challenges would necessitate obtaining assistance from the International Monetary Fund (IMF).The prime minister referred to the Small and Medium Enterprises Development Authority (SMEDA) as the foundation of Pakistan’s prosperity and success.
He acknowledged that SMEDA’s board had been reconstituted following a protracted delay and announced that it would convene for an additional meeting on January 15 to evaluate its strategic direction and performance.The prime minister emphasized the substantial increase in textile exports, describing the sector as a key source of Pakistan’s traditional exports in the context of trade. Additionally, he disclosed his intention to participate in discussions with the Indonesian president during his forthcoming visit to Pakistan later this month to investigate methods for increasing exports.He reiterated the government’s dedication to fortifying fraternal relations with Malaysia, emphasizing Pakistan’s robust connections to the Southeast Asian nation.
A deed that is considered to be malicious
The prime minister directed his attention to Kurram, where he reported that a convoy was attacked, resulting in injuries to Kurram Deputy Commissioner Javedullah Mehsud.He described the incident as a “malicious act” that was intended to undermine peace efforts and offered his condolences for the rapid recovery of the injured.Despite the truce agreement that had been struck between the warring tribes just days before the attack, the incident still transpired. Nevertheless, officials asserted that the convoy was not attacked by those involved in the accord.
The prime minister referred to human trafficking as a “heinous crime” that has persisted for years when discussing the issue. He assured the public of the government’s unwavering commitment to combating trafficking, stating that he oversees efforts and conducts meetings to guarantee decisive action.Prime Minister Shehbaz also expressed confidence in the nation’s economic stabilization, asserting that Pakistan would become a prosperous nation through hard work and determination.However, he acknowledged that sustaining economic stability would require significant sacrifices and consistent efforts.
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