United Arab Emirates to roll over $2B payment due by Pakistan

ISLAMABAD

The United Arab Emirates (UAE) has decided to roll over $2 billion payment due by Pakistan this month, said Prime Minister Shehbaz Sharif on Tuesday.

Speaking at a federal Cabinet meeting in his office in Islamabad, Premier Sharif said his recent meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan was very fruitful.

"UAE has decided to roll over the payment of $2 billion by Pakistan, which was due in January this year, which is very welcome for our economy," Sharif said, according to a statement issued from his office.

He added that the UAE president also reiterated his commitment to invest in Pakistan.

Prime Minister Sharif met with Al Nahyan on Sunday in Pakistan’s city of Rahim Yar Khan, where the latter arrived on his private visit.

In October last year, the International Monetary Fund (IMF) forecast Pakistan's economy is expected to grow by 3.2% during the current fiscal year from June 2024 to June 2025 and 4% by 2026.

Last week, Pakistan launched its five-year economic plan to achieve 6% GDP growth and push exports to $60 billion in the next five years.

In September 2024, Pakistan secured a new $7 billion bailout package from IMF, which is Pakistan’s 25th IMF program.

However, Premier Sharif said that this will be the last IMF program and now his country will come out of all economic crises.