UAE Agrees to Rollover of $2b and $1b additional Loan

Right after Saudi Arabia, the United Arab Emirates (UAE) stepped in to save Pakistan by agreeing to rollover the existing $2 billion loan and giving an extra $1 billion loan.

United Arab Emirates concurred at a meeting between Prime Minister Shahbaz Sharif and the UAE President (UAE).

The UAE President decided to renew the existing loan of $2 billion and grant an additional loan of $1 billion, according to a statement from the Prime Minister’s Office.

Saudi Arabia has previously declared plans to expand its deposit into the State Bank of Pakistan (SBP) to $5 billion and make a $10 billion investment.

Saudi Arabia had already transferred $3 billion to Pakistan’s central bank.

It has since declared that it will raise its deposit to $5 billion in order to save Pakistan, which was in danger of defaulting.

China is expected to provide a loan to Pakistan as part of a rescue package to help the country out of its current financial and economic difficulties.

Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and Prime Minister Muhammad Shehbaz Sharif met on Thursday in Abu Dhabi.

Sheikh Mohamed bin Zayed wished Pakistan growth and prosperity. He lauded the two countries’ long-standing ties as well as the Pakistani community’s important contributions to the UAE.

The two leaders talked about the close relationships that exist between Pakistan and the UAE and looked into ways to make them even closer, particularly in the areas of trade, investment, and energy. In addition, the two presidents discussed topics of shared interest at the regional and global levels.UAE Visit Visa Policy tightened for all countries including Pakistan  

The two parties concurred that they should expand their investment cooperation, encourage joint ventures, and provide chances for cross-border investment.

Additionally, they reported satisfaction with the constant pace of improvement in the two-way relationships.

To further cement and give the relationship momentum, they both agreed that it is crucial to increase bilateral exchanges and have regular interaction at all levels.

The UAE President consented to renew the existing loan of $2 billion and offer an additional loan of $1 billion.

Sheikh Mohamed Bin Zayed, president of the UAE, accepted the invitation from Prime Minister Shehbaz Sharif to visit Pakistan on a state visit. There will be diplomatic negotiations to choose the dates.