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 President of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, has extended his warmest congratulations to Cardinal Robert Francis Prevost on his election as the new Pope and head of the Catholic Church.
The Bahraini king's media adviser, Nabeel al-Hamer, said on Thursday that Saudi Arabia's King Salman bin Abdulaziz has invited leaders of the Gulf Cooperation Council (GCC) to attend a Gulf-U.S. summit in Riyadh.
The United States is no longer demanding Saudi Arabia normalise ties with Israel as a condition for progress on civil nuclear cooperation talks, two sources with knowledge of the matter told Reuters ahead of U.S. President Donald Trump's visit next week.
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.