September 5, 2023
Economy Pakistan

PM Shehbaz Sharif Taps Arabs for Loan

PM Shehbaz Sharif taps Arabs for loan

Prime Minister Shehbaz Sharif of Pakistan met with a delegation of investors in Abu Dhabi on Thursday after the United Arab Emirates (UAE) announced an additional loan of $1 billion for Pakistan and agreed to roll over $2 billion of its existing debt. The prime minister, who is on a two-day visit to the UAE, met with UAE President Sheikh Mohamed bin Zayed Al Nahyan and discussed ways to strengthen bilateral investment, trade, and economic ties.

Reeling from devastating monsoon floods last year, Pakistan is desperately seeking to shore up its foreign reserves after they fell to an eight-year low last week. The South Asian country’s low reserves have caused its national currency to plummet, as it faces mounting debt and a host of other economic issues.

The delegation of UAE investors, which was led by Mohammed Hassan Al-Suwaidi, the CEO of Abu Dhabi Developmental Holding Company, and Syed Basar Shueb, the managing director of International Holdings Company, expressed interest in expanding their firms’ presence in Pakistan and exploring the country’s business and investment potential.

After his meetings with the investors, the Pakistani prime minister also held talks with Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai. They stressed the importance of intensifying and strengthening communication between the private sector of the two countries in order to discuss trade and investment opportunities and turn these into tangible partnerships.

At the end of his visit, Sharif also undertook a visit to UAE’s national and cultural landmark Wahat Al Karama in Abu Dhabi to commemorate the sacrifices and heroic deeds of UAE martyrs. He laid a floral wreath at the monument and wrote a note in the memorial’s guest book.

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