Islamabad, 2 February 2023 (TDI): The Finance Minister & Revenue of Pakistan, Ishaq Dar held an official meeting with the Ambassador of the United Arab Emirates (UAE) to Pakistan Hamad Obaid Ibrahim Salim Al-Zaabi in Islamabad.
According to the Ambassador, the UAE is fully aware of Pakistan’s development-oriented economic policies. The officials discussed the historical and long-standing ties between the two countries and how to boost further and strengthen these economic ties.
Both parties also agreed to implement decisions made during Prime Minister Shehbaz Sharif’s recent visit to the UAE promptly.
The Finance Minister welcomed the UAE’s proposal for new investment in Pakistan and assured the UAE’s Ambassador of the government’s full support and cooperation.
He emphasized the opportunities for investment in Pakistan’s energy, refinery, petroleum, and trade sectors. Notably, the United Arab Emirates (UAE) is an emerging hub of trade and investment activities and is striving to attract $150 billion in foreign investment by 2030.
The UAE is connected to over 250 cities around the world. Investing in the Gulf emirate would enable Pakistani investors to promote exports to many parts of the world.
UAE President hints at huge investment plans
During his last visit to Pakistan, UAE President Zayed Al-Nahyan said that UAE is considering boosting its investment in Pakistan.
Also read: President of UAE arrives in Pakistan
The UAE agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan on January 12. The UAE’s financial assistance provided relief to Pakistan. The country is still reeling from devastating nationwide floods that caused more than $30 billion in damage.
The loan announcements came as Pakistan’s Prime Minister, Shehbaz Sharif, began a two-day visit to the UAE. “This support will help us weather the economic storm,” Sharif said in a statement.
It is pertinent to note that the International Monetary Fund’s (IMF) ninth review to clear the release of a further $1.1 billion in funds to Pakistan is pending since September, so external financing is crucial for the country’s broken economy.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell to a critical level of $4.3 billion. Net foreign exchange reserves held by commercial banks stood at $5.8 billion, and total liquid reserves at $10.1 billion.