Prime Minister Shehbaz Sharif arrived in the United Arab Emirates (UAE) on Thursday for a two-day official visit at the invitation of President Mohammed bin Zayed Al Nahyan.
He was received at the Abu Dhabi airport by Economic Affairs Minister Abdullah Touq Al-Marri, as well as officials from the Pakistan embassy.
Pakistan secured a lifeline of about $4 billion from the United Arab Emirates and Saudi Arabia to sail through the immediate challenge of a sovereign default. The UAE pledged to roll over $2bn debt payable over the next two months and topped this with an additional $1bn support during an ongoing visit of Prime Minister Shehbaz Sharif to the emirates. Separately, the Saudi Fund for Development signed an agreement in Islamabad to fund oil imports on deferred payment. Central bank’s reserves dropped to a critical level of $4.34bn on Thursday, the lowest since February 2014. Pakistan and Saudi Arabia have signed a strategic agreement aimed at supporting Pakistan’s economy, sector growth and navigating economic challenges.
UAE President Sheikh Mohamed bin Zayed Al Nahyan has agreed to roll over the existing loan of $2bn and provide a $1bn additional loan. The two leaders also exchanged views on regional and international issues of mutual interest. They agreed on the importance of enhanced bilateral exchanges and regular dialogue at all levels.
