ISLAMABAD: United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan on Wednesday dropped hints that his country plans to broaden its investment footprint in Pakistan – which has been hit by its deteriorating economy. Foreign revenue is desperately needed to support the
President Nahyan arrived in Pakistan on a private visit and held a bilateral meeting with Prime Minister Shehbaz Sharif, who along with other government officials received the distinguished guest at Chandna Airport.
“Get ready, the UAE will invest heavily in Pakistan,” sources quoted the UAE president as saying that he had a cordial meeting with Prime Minister Shahbaz Sharif at the airport.
The Prime Minister recalled his recent visit to the UAE and emphasized that the two countries will work on the understanding reached between the two leaders in various fields during his visit to the UAE.
The UAE President said that the brotherly ties between the two countries go back decades and his father, who had immense love for Pakistan and its people, laid the foundation for bilateral relations.
The President assured the Prime Minister that UAE will always stand with Pakistan.
The prime minister wrote on Twitter: “Delighted to welcome my brother His Highness Sheikh Mohammed bin Zayed on his arrival in Pakistan, his second home. Building on our last meeting, we discussed ways What did [and] It means further strengthening of our brotherly ties.”
Sources said that the President expressed his warmth to the Prime Minister on his arrival in Pakistan and took the Prime Minister in his private jet. Geo News.
Sources said that the Prime Minister also met the President’s family and interacted with his children in English and Arabic languages.
The United Arab Emirates agreed on Jan. 12 to lend Pakistan $1 billion, adding to an existing $2 billion loan, the country’s information minister said, as the country’s central bank’s foreign reserves fell to just three weeks of imports. were gone
The UAE’s financial aid gave some respite to the country, which is still reeling from devastating nationwide floods that have caused more than $30 billion in damage.
The loan announcements came at a time when Pakistan’s Prime Minister Shahbaz Sharif began a two-day visit to the United Arab Emirates. “This support will help us overcome economic difficulties,” Sharif said in a statement.
Information Minister Maryam Aurangzeb said that she met UAE President Sheikh Mohammed bin Zayed Al Nahyan and was to discuss business and economic opportunities with other officials and business leaders.
With the International Monetary Fund’s ninth review pending since September to release another $1.1 billion in funds to Pakistan, external financing is crucial for the country’s battered economy.
Foreign exchange reserves held by the State Bank fell to a critical level of $4.3 billion, barely enough for three weeks of imports, the bank said.
The bank added that commercial banks had net foreign exchange reserves of $5.8 billion and total liquid reserves of $10.1 billion.