Prime Minister Shehbaz Sharif announced Tuesday that the UAE has agreed to roll over $2B in debt due this month, providing significant fiscal relief for Pakistan.
Since 2023, the UAE has maintained $2B in deposits with Pakistan’s State Bank, bolstering foreign reserves, stabilising the currency, and aiding IMF negotiations. Sharif, during a cabinet meeting, shared details of his recent discussion with UAE President Sheikh Mohamed bin Zayed Al-Nahyan in Rahim Yar Khan, where the debt rollover was proposed.
The UAE president, visiting Rahim Yar Khan for a hunting trip, also pledged to consider further investments in Pakistan, reflecting strong bilateral ties. Sharif expressed gratitude for the UAE’s financial support and highlighted plans to attract investments in critical sectors.
Sharif stated that reducing electricity prices is vital for Pakistan’s economic progress and discussed plans to approach the IMF for relief. He outlined efforts under the National Economic Transformation Plan 2024-29 and noted ongoing dialogues with provinces and stakeholders on energy reforms.
Regarding Small and Medium Enterprises Development Authority (SMEDA), Sharif called it essential for economic growth and announced a performance review meeting for mid-January. He also praised growth in textile exports and shared plans for strengthening trade relations with Indonesia and Malaysia.
In Kurram District, Sharif condemned a convoy attack that injured the deputy commissioner, calling it an attempt to disrupt peace. On human trafficking, he stressed the government’s commitment to eradicating the crime through decisive measures.
Sharif concluded by emphasising Pakistan’s economic resilience, expressing hope for stability and prosperity through sacrifice and determination.
