UAE rolls over $2bn loan, approves addition $1bn

January 12, 2023 (MLN): The President of the United Arab Emirates (UAE) Sheikh Mohamed bin Zayed on Thursday agreed to roll over the existing loan of $2 billion and provide $1bn additional loan, said a press statement released by Prime Minister Office (PMO) revealed. 

This development came during the meeting between Prime Minister Muhammad Shehbaz Sharif and the President of UAE in Abu Dhabi today.

Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries. 

They also expressed satisfaction with the pace of steady progress in bilateral relations. They agreed on the importance of enhanced bilateral exchanges and regular dialogue at all levels to further solidify and provide momentum to the relationship.

The two leaders discussed the fraternal relations existing between Pakistan and the UAE; and explored ways and means to further strengthen these ties, especially in the fields of trade, investment, and energy. They also had an exchange of views on regional and international issues of mutual interest. 

safe to say that this assistance comes at a time when Pakistan is in dire need of foreign exchange. 

At present, foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped by $245 million to $5.57 billion during the week ended on December 30, 2022.

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