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
Saudi Arabia has launched an air accident probe following last week's cockpit stabbing on a flydubai jet, as experts examine any fallout for aviation safety alongside a separate UAE-led criminal investigation, three people close to the matter said.
Israelis will on Wednesday mark three years since Hamas attacked Israel on October 7, 2023, triggering a military assault that destroyed much of Gaza, where conditions remain dire despite a year-old ceasefire that is meant to halt the war for good.
Canadian Prime Minister Mark Carney will travel to Ankara and Istanbul from October 21 to 23, his office said on Tuesday, in what will be the first dedicated bilateral visit to NATO ally Turkey by a Canadian leader.
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.