Pakistani Prime Minister Shehbaz Sharif has asked for a fresh loan from the UAE. AFP
Islamabad: Pakistani Prime Minister Shehbaz Sharif will seek a fresh economic package for his crisis-ridden country from the United Arab Emirates (UAE) during his two-day visit there, ARY News reported on Thursday citing people aware of the developments.
Sharif will also seek more time to settle a USD 2 billion loan repayment to the UAE due in the coming weeks. The Pakistan PM will also hold negotiations to finalise a USD 2 billion investment in Pakistan during his visit to the country on Thursday and Friday, the report said.
Pakistan’s information ministry did not immediately respond to the developments.
Sharif said his two-day visit was aimed at building on his previous conversation with UAE’s President Mohamed Bin Zayed.
“We share a resolve and understanding that continuous efforts need to be made to further strengthen trade, investment & economic relations,” he said on Twitter.
The UAE’s financial support will provide some respite to the South Asian nation of 220 million, which is still reeling from devastating nationwide floods that have caused more than USD 30 billion of damage.
The loan announcements coincide with Shehbaz Sharif’s two-day visit to the United Arab Emirates. “This support will help us tide over economic difficulties,” Sharif said in a statement.
During his visit, he is scheduled to meet UAE President Sheikh Mohammed bin Zayed al-Nahyan, and was due to discuss business and economic opportunities with business leaders and information minister Marriyum Aurangzeb said.
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