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
Dubai's Roads and Transport Authority (RTA) has signed two memoranda of understanding with Chinese technology giants Huawei and CASCO SIGNAL LTD during an official delegation visit to China led by RTA Director-General Mattar Al Tayer.
The framework agreement reached Friday between Lebanon and Israel at the fifth round of Washington negotiations is drawing sharply contrasting reactions across Lebanon's political landscape, with Kataeb leader Samy Gemayel declaring victory and Aounist figure Gebran Bassil sounding notes of caution.
Lebanese President Joseph Aoun received a phone call Saturday from UAE President Mohamed bin Zayed Al Nahyan (MBZ), in a show of Gulf solidarity following the announcement of the Lebanon-Israel framework agreement in Washington.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.