UAE extends $2 bn debt relief, says PM Shehbaz

ISLAMABAD: The United Arab Emirates (UAE) has rolled over a maturing debt of $2 billion for Pakistan, a move that will help stabilize the country’s foreign exchange reserves.

Prime Minister Shehbaz Sharif announced this significant development, as the debt repayment was due in January 2025. The rollover follows a meeting between the Prime Minister and UAE President Sheikh Mohammad bin Zayed Al-Nahyan in Rahim Yar Khan.

During a cabinet session, PM Shehbaz explained that the two leaders discussed ways to strengthen bilateral ties and explore investment opportunities.

He also instructed Deputy Prime Minister Ishaq Dar to advance investment matters with the UAE. The Prime Minister expressed confidence that Pakistan’s ongoing economic diplomacy was starting to yield positive results, particularly in stabilizing the economy.

PM Shehbaz highlighted the encouraging rise in textile exports and stressed that sectors like industry, agriculture, and exports could not grow unless electricity prices were reduced.

He mentioned that the government would need to approach the International Monetary Fund (IMF) to secure a cut in power tariffs.

Regarding the security situation in Kurram, the Prime Minister condemned the recent attack on the deputy commissioner, calling it an attempt to undermine the peace agreement in Lower Kurram. He also condemned human trafficking and noted that Interior Minister Mohsin Naqvi and his team were working to combat the illegal trade.

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