Prime Minister Shehbaz Sharif announced on Tuesday that the United Arab Emirates has agreed to extend a $2 billion loan that was due in January.
In his opening remarks at the Federal Cabinet meeting which he chaired, the Prime Minister informed members of his “positive and constructive” meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan at Rahim Yar Khan. He pointed out that they discussed ways to strengthen bilateral relations and enhance investment cooperation.
He said that the President of the UAE emphasized moving quickly in investment projects and expressed his country’s commitment to deepening its long-term partnership with Pakistan.
During their one-on-one meeting, the UAE President announced a $2 billion debt extension, for which the Prime Minister expressed his gratitude.
Prime Minister Shehbaz said that while the national economy is on the path of stability, it takes a massive effort to transform Pakistan into a prosperous country and restore its former greatness.
“Thanks to our collective efforts, the economy is stabilizing. We will continue to work hard with the same commitment and dedication. The time is not far when we will become a prosperous nation and regain our standing. But this journey requires sacrifice, blood and sweat, nothing less.”
He noted that as part of the domestic economic programme, reducing electricity costs is essential to improve exports and trade.
The Prime Minister stated that he chaired a meeting last week to discuss reducing energy prices in cooperation with provincial governments and announced that a comprehensive meeting on this topic will be held this week.
He stressed the importance of SMEs to the national economy and referred to the recent meeting to finalize the SMEDA Board of Directors, during which some crucial decisions were taken. He added that another meeting on small and medium enterprises is scheduled to be held on January 15.
The Prime Minister informed the Cabinet members that textile exports are increasing and reiterated the need to focus on export-led growth and diversification of non-traditional exports.
He also noted that Indonesian President Prabowo Subianto is expected to visit Islamabad this month to discuss enhancing bilateral cooperation. The government is formulating an agenda for cooperation in halal meat and rice exports, in addition to the import of edible oil.