UAE Rolls Over $2 Billion Loan for Another Year
The United Arab Emirates (UAE) extended a $1 billion loan that was due on April 19 for another year, reiterating their commitment to providing Pakistan with all the assistance they can.
Read More: World Bank Supports $400 Million for KP
The loan, which was a part of the $6.2 billion initial bailout provided by the UAE in late 2018, helped Prime Minister Imran Khan’s administration avoid going into default on its commitments under international debt agreements.
The UAE, however, withheld $3.2 billion in oil financing facilities and $1 billion in cash disbursements, releasing only $2 billion of the $6.2 billion they had committed.
Read More: RDA Coaches Housing Schemes to Construct Parking Spaces
The two sides discussed methods to improve cooperation in a wide range of fields, including trade, investment, infrastructure, energy, technology, tourism, and personnel, in addition to giving the Pakistan-UAE relationship a new boost. They agreed to make it possible for both sides’ ministerial-level visits in this regard.
Qureshi described his ideas for displaying the past accomplishments and prospects for future collaboration between Pakistan and the UAE during EXPO 2020 Dubai in October 2021.
The Foreign Minister met with the Pakistan Business Council (PBS), members of the Pakistani community in Dubai, including investors and businesses, and spoke with national and international media during his tour in addition to his official engagements.
Read More: Projects Worth Over Rs 58 Billion Foreseen for GB
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