Prime Minister Shehbaz Sharif and UAE Crown Prince Sheikh Mohamed bin Zayed Al Nahyan— Radio Pakistan

UAE plans to invest $1 billion in Pakistani businesses

by Pakistan News
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Prime Minister Shehbaz Sharif and UAE Crown Prince Sheikh Mohamed bin Zayed Al Nahyan— Radio Pakistan

The UAE has stated its intention to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas as the country navigates a tough economic situation.

The move, according to the state-owned Emirati news agency, is intended at exploring new investment opportunities and areas for collaboration in projects across multiple industries in order to expand bilateral economic relations in the best interests of the two countries.

It also emphasises the UAE and Pakistan’s desire to continue working together in areas such as gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technologies, logistics, digital communications, e-commerce, and financial services.

Financing gap

Pakistani officials are eagerly awaiting bridging finance of $4 billion from friendly countries in order to meet IMF demands. Pakistan’s powerful quarters have approached US officials, as well as officials from the Kingdom of Saudi Arabia and the United Arab Emirates, in order to get the necessary financial backing for the revival of the delayed IMF programme.

According to one top official, Pakistan expects to receive support from friendly countries before Ashura, so that the IMF’s Executive Board can approve Pakistan’s enlarged $7 billion EFF revival programme by August 24, 2022.

Pakistan and the IMF now need confirmation from KSA for financial support on account of deferred payment of oil facility and conversion of SDRs for Pakistan, following which the finance minister and the SBP governor will sign the Letter of Intent (LOI).

It will subsequently be sent to the Fund’s executive board for approval of the combined seventh and eighth reviews and the disbursement of the $1.17 billion tranche under the Extended Fund Facility (EFF).

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