UAE Promises to Rollover $2bn, Also Announces $1bn Loan  - Capital TV

June 3, 2023


UAE Promises to Rollover $2bn, Also Announces $1bn Loan 

Anum Razzaque

ABU DHABI: Amid of economic crisis, good news has been heard by United Arab Emirates (UAE), the brotherly nation UAE announced a rollover of $2 billion while they announced an additional $1 billion loan as well.

The development appeared on the surface after the visit of Premier Shehbaz Sharif and the Chief of Army Staff (COAS) of the UAE.

However, the Prime Minister reached UAE today (Thursday), while COAS had landed there on 4 January.

Prime Minister Shehbaz Sharif met with UAE’s President Sheikh Muhammad bin Zayad Al Nahyan.

Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.

Sheikh Mohamed bin Zayad welcomed Prime Minister Sharif to Abu Dhabi and wished progress and prosperity for Pakistan.

On 10 January Prince Mohammed bin Salman bin Abdul Aziz Al Saud, Crown Prince had directed to study augmenting the Kingdom’s investments in sisterly Pakistan, which have previously been announced on August 25, 2022, to reach $10 billion.

“The Kingdom’s position is supportive of the economy of the Islamic Republic of Pakistan and its sisterly people,” reported SPA.

The rollover and disbursement from UAE can help fuelup the forex exchange reserves of the country which had declined by $245, according to data shared by SBP.

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