UAE rolls over $2 billion debt for Pakistan: PM Shehbaz

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Tuesday informed the federal cabinet that the United Arab Emirates (UAE) is extending the US$2 billion debt that was due to be paid back by Pakistan in January 2025.

The prime minister, while chairing the meeting, told the federal cabinet about his “positive and constructive” meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan, where they talked about measures to further improve investment cooperation and bilateral ties.

PM Shehbaz said the president of the United Arab Emirates emphasised the need of advancing the investment projects quickly and reaffirmed his nation’s dedication to strengthening its long-standing alliance with Pakistan.

He said that during their one-on-one encounter, the president of the United Arab Emirates praised the visiting dignitary for the announcement of a $2 billion debt rollover.

The prime minister said that as the national economy is on the path of stability, it requires sweating blood to make Pakistan a prosperous nation and regain its lost grandeur.

“Due to our collective efforts, the economy is stabilising. We will continue to work hard with the same commitment and devotion. Time is not far from when we will become a prosperous nation and regain our stature. But this needs a journey of sacrifice, blood, and sweat and nothing short of that,” he remarked.

PM Shehbaz said that as the program on the homegrown economy has been unveiled, it required measures to reduce the cost of electricity calling it inevitable to improve exports and commerce.

He said that he had chaired a meeting last week to mull reducing power prices, with the collaboration of provincial governments, and that a “comprehensive” meeting would be held this week on the subject.

Highlighting the significance of SMEs for the national economy, he referred to a recent meeting to complete the SMEDA Board wherein some crucial decisions were also taken. Another meeting on the subject is scheduled to be held on January 15, he added.

The prime minister told the cabinet members that the textile exports were on the rise and reiterated an enhanced focus on export-led growth and non-traditional exports.

PM Shehbaz said that Indonesian President Prabowo Subianto was due in Islamabad this month when the two sides would discuss strengthening and integration of bilateral cooperation. He said the government was formulating an agenda for cooperation in Halal meat and rice exports and the import of edible oil.

Speaking on a shooting incident on a convoy in Lower Kurram that injured the deputy commissioner and others, the prime minister called it an attempt to sabotage the peace agreement.

He prayed for the swift recovery of the deputy commissioner and others being treated in Peshawar.

He said that the government was working in unison to curb the menace of human smuggling which has led to the death of hundreds of Pakistani citizens besides bringing defame to the country.

He said that he was regularly holding meetings on the subject with the Interior Ministry and relevant departments also striving to rid the country of this issue.