ISLAMABAD: Prime Minister Shehbaz Sharif expressed his gratitude to the United Arab Emirates (UAE) on Tuesday for supporting Pakistan’s economic and financial stability by depositing $1 billion in the central bank ahead of the International Monetary Fund (IMF) Executive Board meeting to approve a $3 billion Standby Agreement last week.
The prime minister conveyed his appreciation to the Gulf state during a phone call with UAE President Sheikh Mohamed bin Zayed.
The administration in Islamabad managed to secure timely support from friendly nations, including Saudi Arabia and China, earlier this month who either deposited substantial amounts in its central bank or rolled over loans to meet a major IMF demand to cover Pakistan’s balance of payment gap.
“Prime Minister Muhammad Shehbaz Sharif held a telephonic call with His Highness, President of the United Arab Emirates today,” said a statement circulated by the PM Office after the conversation between the two leaders. “The Prime Minister … conveyed gratitude for the deposits of USD 1 billion in the State Bank of Pakistan.”
The statement informed the prime minister recalled his visit to the Gulf state in January, saying that the two sides had decided to translate their fraternal relations into mutually rewarding economic ties.
He also conveyed his gratitude to the UAE president for inviting him to COP28 climate change conference later this year.
“Both the leaders discussed further advancing economic, trade and investment ties and creation of greater opportunities for the Pakistani workforce in the UAE,” the statement added. “The two sides also exchanged views on a range of regional and international issues of mutual interest.”
Pakistan and the UAE have a history of close relationship characterized by mutual trust and understanding, close cooperation, and an abiding tradition of supporting each other.
The UAE is home to 1.7 million Pakistanis, contributing to the progress, prosperity and economic development of both countries.