In a significant development, the United Arab Emirates (UAE) has rolled over $2 billion in debt owed by Pakistan, according to Prime Minister Shehbaz Sharif. This move comes as a major relief for Pakistan’s struggling economy, providing much-needed stability amid ongoing financial challenges.
Speaking to reporters, PM Shehbaz Sharif expressed gratitude to the UAE for its unwavering support. “The rollover of $2 billion is a testament to the strong brotherly ties between Pakistan and the UAE. This gesture will greatly assist Pakistan in meeting its external financing requirements,” he stated.
The rollover of this debt aligns with Pakistan’s ongoing efforts to manage its external debt obligations and ensure compliance with the International Monetary Fund (IMF) program. The UAE has been a long-standing ally, consistently extending financial support during Pakistan’s economic crises.
Pakistan is currently grappling with high inflation, a depreciating currency, and rising external debt. The government’s focus remains on stabilizing the economy through fiscal discipline, attracting foreign investments, and securing assistance from friendly nations.
This move by the UAE underscores its commitment to fostering economic stability in Pakistan and strengthening bilateral relations between the two nations.
