UAE President Hints At 'Huge Investment' In Meeting With PM Shehbaz

UAE President Hints At 'Huge Investment' In Meeting With PM Shehbaz
President of the United Arab Emirates Sheikh Mohamed Bin Zayed Al Nahyan hinted at 'huge investment' in the country as he held a meeting with Prime Minister Shehbaz Sharif in Rahim Yar Khan.

The premier received the UAE president at the Chandna Airport accompanied by other top state officials.

"Be prepared, UAE will make a huge investment in Pakistan," Sheikh Mohamed was quoted by local news outlets as saying, as he met PM Shehbaz at the airport.

During the discussion, the two leaders expressed the resolve to further enhance the bilateral ties. Premier highlighted the understanding reached during his recent visit to the country, on the occasion.

The UAE president recalled that the bilateral ties dated back decades, saying his father had immense love for Pakistan and its people and was the one to lay the foundation of the relations.

He added that he thought of Pakistan as his second home and that UAE would always stand by Pakistan.

Earlier this month, the UAE agreed to grant an existing loan of $2 billion to Pakistan, with an additional $1 billion pledged for later release.

According to Prime Minister’s Office, the agreement came following a meeting between and the premier and UAE President in Abu Dhabi.

The visit earlier this month aimed at strengthening ties in the areas of economy, trade and investment.

The UAE president had admired the historical ties between the two nations and the contributions of the Pakistanis residing in the country.

The duo had also exchanged views on the regional and international issues of mutual interest.

On Tuesday [Jan 24], PM Shehbaz said that the country has shown International Monetary Fund (IMF) its willingness to enter a deal, as the country continues to battle a financial crisis.

“[The government told IMF that it] wants to complete the programme for the 9th review,” he said while addressing a ceremony in Islamabad.

“IMF stands with Pakistan,” he quoted the global financial institution as saying. “We will pull the country out of the current crisis.”

Pakistan is ready for a repayment of $500 million to a Chinese commercial back, but doing so would push the country’s foreign exchange reserves below $4 billion.

With the payment, expected soon, Chinese financial institutions would start to lend Pakistan more money. Islamabad had made payments to the aforesaid financial institutions last year.

Sources in the ministry of finance say that another repayment amounting to $300 million will be due next month.