Pakistan Secures Financial Lifeline from UAE

Prime Minister Shehbaz Sharif announced that the UAE has agreed to extend a $2 billion payment deadline for Pakistan. This extension will aid Pakistan in managing its balance of payments crisis, along with ongoing financial support from Saudi Arabia. The meeting with UAE President focused on bolstering bilateral relations and investment opportunities.

Prime Minister Shehbaz Sharif revealed on Tuesday that the United Arab Emirates has consented to extend the payment deadline for a $2 billion loan originally due this month. This development provides much-needed relief for Pakistan as it grapples with a balance of payments crisis.

Sharif shared insights from a recent cabinet meeting, noting that UAE President Mohamed bin Zayed personally assured him of the rollover during a one-on-one meeting in Rahim Yar Khan. While the specifics of the extension period remain undisclosed, it typically spans one year, offering Pakistan crucial breathing room economically.

The conversation with President Mohamed bin Zayed also emphasized enhanced bilateral relations and investment prospects, as the UAE remains committed to supporting Pakistan. This move follows a similar gesture from Saudi Arabia and highlights ongoing international cooperation as Pakistan addresses its economic challenges.

(With inputs from agencies.)