ISLAMABAD: Prime Minister Shehbaz Sharif announced on Tuesday during a federal cabinet meeting that the United Arab Emirates (UAE) has agreed to extend the repayment deadline for Pakistan’s $2 billion debt, originally due in January 2025.
Prime Minister Shehbaz Sharif, while presiding over a federal cabinet meeting, shared details of his “positive and constructive” discussion with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan. The talks focused on enhancing investment cooperation and strengthening bilateral relations.
PM Shehbaz highlighted that the UAE president stressed the importance of expediting investment projects and reaffirmed his commitment to deepening the enduring partnership between the two nations. During their one-on-one meeting, the UAE president also commended Pakistan for securing the $2 billion debt rollover.
Addressing the cabinet, the prime minister stated that while the national economy is on a path to stability, achieving prosperity and restoring Pakistan’s former glory would require immense effort and sacrifice.
“Thanks to our collective efforts, the economy is stabilising. We will continue to work with the same dedication and commitment. A prosperous and dignified Pakistan is within reach, but it demands a journey of sacrifice, blood, and sweat,” he remarked.
PM Shehbaz also discussed the recently unveiled homegrown economic program, which prioritises reducing electricity costs to boost exports and trade. He mentioned chairing a meeting last week with provincial governments to explore power tariff reductions and noted that a “comprehensive” follow-up meeting would take place this week.
Emphasising the critical role of small and medium enterprises (SMEs) in the national economy, he referred to the completion of the SMEDA Board and key decisions made during a recent meeting. He also announced another meeting on SMEs scheduled for January 15.
