UAE to lend Pakistan $1 billion, agrees to roll over existing $2-billion loan

Pakistan’s existing loan of $2 billion has been approved to be rolled over by the United Arab Emirates (UAE), and the UAE has also stated that it will pay an extra $1 billion to help strengthen Pakistan’s dwindling foreign exchange reserves.

The decision was made during a meeting between the President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the Prime Minister of Pakistan, Muhammad Shehbaz Sharif, who arrived in Abu Dhabi today on a visit to the United Arab Emirates that would last for two days.

Sharif was given a warm greeting by Sheikh Mohamed bin Zayed, who also sent his best wishes for Pakistan’s continued development and success. He lauded the long-standing ties that have existed between the two countries as well as the significant contributions that have been made by the Pakistani population in the Emirates.

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The prime minister extended his gratitude to the President of the UAE for extending an invitation for him to visit the country.

The two presidents had a conversation on the brotherly ties that exist between Pakistan and the UAE and examined ways to further deepen these ties, particularly in the areas of commerce, investment, and energy.

In addition, the two leaders discussed regional and global topics that are of common importance to them both and shared their perspectives.

Both parties came to an agreement that they would expand their current investment cooperation, work to foster new partnerships, and create new prospects for investment integration between the two nations.

In addition to this, they voiced their contentment with the rapid and consistent advancement made in bilateral ties. They were in agreement that the partnership would benefit from increased bilateral encounters and consistent dialogue at all levels. This would help the relationship become more stable and give it impetus.

Sheikh Mohamed accepted Sharif’s invitation to visit Pakistan on behalf of his country during a state visit. The dates will be determined after going via the appropriate diplomatic processes.

The meeting between the Prime Minister and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister and Vice President of the United Arab Emirates, respectively, is also scheduled to take place.

An exchange with representatives of Emirati investment enterprises and sovereign wealth funds is also scheduled to take place as part of his agenda. In addition to that, he is going to go to Wahat Al Karama in order to pay his respects to the national heroes of the UAE.

The UAE and Pakistani Ties

The UAE has a genuine interest in advancing its relations with Pakistan in a variety of spheres and spares no effort in providing assistance to Pakistanis at all levels. President His Highness Sheikh Khalifa bin Zayed Al Nahyan (may God protect him) made this statement at a meeting with Pakistan’s Prime Minister Nawaz Sharif on Tuesday, during His Highness’ private visit to the country. His Highness Sheikh Khalifa bin Zayed Al Nahyan praised the UAE-Pakistan relations and the continued efforts to advance them for the mutual benefit of both nations. The Prime Minister of Pakistan also lauded the UAE for supporting his country’s citizens by implementing infrastructure projects and enhancing services across Pakistan.

Pakistan’s awareness and admiration of the UAE and its shrewd leadership is not an isolated occurrence, but rather the product of the UAE’s unwavering and persistent assistance to Pakistan. The UAE Project to Assist Pakistan (UAE PAP), which was initiated in 2011 by President His Highness Sheikh Khalifa bin Zayed Al Nahyan to aid Pakistanis in surviving the 2010 floods, is a prime example. The purpose of the initiative was to rehabilitate persons affected by floods, rebuild infrastructure in disrepair, and give humanitarian aid.

Pakistan’s standard of living is enhanced by the UAE’s Public Assistance Program (PAP). It contributes to the construction of schools, technical and art institutes, clinics, wells, water purification and treatment plants, and other similar projects in Pakistan’s impoverished regions. More than AED1 billion has been spent on the two phases of UAE PAP projects. The UAE is also a founding member of the Friends of Democratic Pakistan Group (FoDP).

Initiated in 2008, the FoDP is a platform for discussing Pakistan’s economic and development plans in partnership with key funders like as China, the United States, the European Union, and the United Nations. Pakistan’s strategic significance in relation to the security and stability of Asia and the Arabian Gulf informs the UAE’s determination to give it with complete support. It takes its geographical closeness and economic and political links into account.

This also explains why the UAE supports Pakistan’s economy at a time when attempts are being made to undermine the nation’s security and stability. The UAE is a key donor to Pakistan and is at the forefront of international attempts to achieve substantial growth in the country. In times of need, it has supplied humanitarian aid to the Pakistani people, for which Pakistan has expressed respect and gratitude. This was emphasized by Prime Minister Sharif when he stated that the leadership and people of Pakistan acknowledge and appreciate the efforts made by the UAE under the leadership of President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

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