Pakistan PM to seek fresh economic package from UAE

The Emirates did not immediately acknowledge the rollover of the loan and the granting of the additional funds.

2 min read

12 January, 2023

Pakistan and the UAE are going to "deepen the investment cooperation" according to Sharif [Getty images]

Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package for his country from the United Arab Emirates during his two-day visit there, broadcaster ARY News reported on Thursday.

Sharif will also seek deferment of a $2 billion loan repayment to the UAE due in the coming weeks and hold talks on finalising a $2 billion investment in Pakistan during his visit to the country on Thursday and Friday, the report said.

Sharif said his visit was aimed at building further on his previous conversation with UAE's President Mohamed Bin Zayed.

"We share a resolve & understanding that the continuous efforts need to be made to further strengthen trade, investment & economic relations," he said on Twitter.

“Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries,” Sharif's office said.

The Emirates did not immediately acknowledge the rollover of the loan and the granting of the additional funds.

It said the meeting at Abu Dhabi's Al Shati Palace saw the two leaders discuss “the historical relations between the UAE and Pakistan and ways to enhance joint cooperation and expand its horizons in a way that serves the mutual interests of the two countries.”

Sharif's visit to the UAE marks his third since becoming premier last April. The seven sheikhdoms of the Emirates are home to some 1.7 million Pakistanis, many manual laborers that power its economy and send money back to their nation.

Sheikh Mohammed also was invited to visit Pakistan. He became the leader of the Emirates, an autocratic federation of seven sheikhdoms, after the death of his half-brother, Sheikh Khalifa bin Zayed Al Nahyan, in May.

On Wednesday, Sharif said several countries and some of the world’s institutions have pledged $9.7 billion to help Pakistan rebuild from the summer’s catastrophic flood that killed 1,739 people. The floods destroyed more than 2 million homes and caused more than $30 billion in damage.