The United Arab Emirates has agreed to roll over the payment of $2 billion due by Pakistan this month, the South Asian nation's Prime Minister Shehbaz Sharif said on Tuesday.
Shehbaz Sharif © PNS
The United Arab Emirates has agreed to roll over the payment of $2 billion due by Pakistan this month, the South Asian nation's Prime Minister Shehbaz Sharif said on Tuesday.
Sharif said he met with UAE President Sheikh Mohammed bin Zayed Al Nahya while he was on a personal visit to Pakistan on Sunday.
"In a one-on-one meeting he said...there is a $2 billion dollar repayment due and we are extending this," Sharif told reporters in a televised press conference..
"I asked for the UAE to invest a few billion dollars in key investment projects and that would be helpful," Sharif added.
"He said the UAE was committed to this investment and the two countries share brotherly ties," he said.
Securing external financing has previously been a key condition for the International Monetary Fund (IMF) to approve bail-out deals for the cash-strapped nation.
The next review by the IMF of its $7 billion, 37-month loan programe to Pakistan is expected in February.
Pakistan's $350 billion economy has struggled for decades with boom-and-bust cycles, needing 23 IMF bailouts since 1958.
By Gibran Naiyyar Peshimam
The United Arab Emirates said on Tuesday said it was pulling out its remaining forces in Yemen after Saudi Arabia backed a call for UAE forces to leave the country within 24 hours.
Saudi Arabia said on Tuesday its national security was a red line and backed a call for UAE forces to leave Yemen within 24 hours, shortly after a Saudi-led coalition carried out an airstrike on the southern Yemeni port of Mukalla.
The head of Yemen's presidential council called on Tuesday for all United Arab Emirates forces to leave the country within 24 hours, shortly after an air strike by the Saudi-led coalition at the southern port of Mukalla.
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