ISLAMABAD: PM Sharif arrived in UAE on a two-day official visit to the country with a high-powered delegation. Sharif said the purpose of his visit was to strengthen bilateral trade, defense and investment ties between the two countries.
Pakistan, already reeling from devastating floods from 2021, 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.
Saudi Arabia and UAE have come to Pakistan’s rescue several times over the past couple of decades, by offering it deferred oil payment facilities and sending substantial amounts of money to shore up its forex reserves.
“Prime minister meets the president of the UAE,” Information Minister Marriyum Aurangzeb wrote on Twitter. “UAE’s president has agreed to roll over $2 billion in debt and has agreed to provide an additional $1 billion in loan.”
The minister said Sheikh Al Nahyan welcomed Pakistan’s prime minister upon his arrival in Abu Dhabi and wished for the South Asian country’s progress and development. The UAE president discussed the “historic ties” between the two countries and appreciated the valued contribution of the Pakistani community in the UAE, Aurangzeb said.
“Both representatives exchanged views on regional, international issues and those of bilateral interest,” Aurangzeb said. “Both agreed to deepen investment cooperation, promote partnership and enable opportunities to integrate investment between the two countries,” she added.
The two leaders also agreed on the importance of frequent bilateral exchanges and regular dialogue with each other at all levels to further strengthen their relationship, she said.
PM Sharif invited the UAE president to visit Pakistan, which Sheikh Al Nayhan agreed. Dates for his visit will be decided via diplomatic channels, she wrote.
The UAE is home to 1.7 million Pakistanis, making it the second largest host country for overseas Pakistani workers and a major source of foreign remittances, after Saudi Arabia, to the South Asian country. According to official statistics, the Pakistani diaspora in the UAE remitted $5.10 billion in 2022.
During the visit, PM Sharif will also be holding discussions with the country’s businessmen and investors and look for ways to enhance bilateral trade and investment, the state-owned Associated Press of Pakistan (APP) reported.