Prime Minister Shehbaz Sharif announced on Tuesday that the United Arab Emirates (UAE) has agreed to roll over a $2 billion loan that was due in January.
The prime minister, in his opening remarks at the federal cabinet meeting he chaired, apprised the members of his “positive and constructive” meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan. He shared that they discussed ways to further strengthen bilateral ties and enhance investment cooperation.
He said the UAE president emphasised moving swiftly on investment projects and expressed his country’s commitment to deepening its longstanding partnership with Pakistan.
During their one-on-one meeting, the UAE president announced the rollover of a $2 billion debt, for which the prime minister expressed his gratitude.
Prime Minister Shehbaz stated that while the national economy was on a path to stability, it would require immense effort to transform Pakistan into a prosperous nation and restore its former grandeur.
“Due to our collective efforts, the economy is stabilising. We will continue to work hard with the same commitment and devotion. The time is not far when we will become a prosperous nation and regain our stature. However, this journey requires sacrifice, blood, and sweat—nothing short of that,” he remarked.
He noted that as part of the homegrown economic program, reducing electricity costs was essential for improving exports and commerce.
The prime minister mentioned chairing a meeting last week to discuss reducing power prices in collaboration with provincial governments and announced that a comprehensive meeting on the subject would take place this week.
Highlighting the importance of SMEs for the national economy, he referred to a recent meeting to finalise the SMEDA Board, during which some crucial decisions were made. Another meeting on SMEs is scheduled for January 15, he added.
The prime minister informed cabinet members that textile exports were increasing and reiterated the need to focus on export-led growth and diversifying non-traditional exports.
He also mentioned that Indonesian President Prabowo Subianto was expected to visit Islamabad this month to discuss strengthening bilateral cooperation. The government is formulating an agenda for collaboration in Halal meat and rice exports, as well as the import of edible oil.
