Photo by River He
On Tuesday, Prime Minister Shehbaz Sharif announced that the United Arab Emirates (UAE) has opted to extend a $2 billion debt repayment that was due this month, thereby offering essential financial support to Pakistan.
In his opening remarks during a televised federal cabinet meeting, the Prime Minister informed the members about his “positive and constructive” discussions with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan. The two leaders explored avenues to further enhance bilateral relations and investment collaboration.
The Prime Minister noted that the UAE President underscored the importance of expeditionary investment initiatives and reaffirmed his nation’s dedication to strengthening its enduring partnership with Pakistan. During their private discussions, the UAE President confirmed the decision to roll over the debt.
The Prime Minister, Shehbaz, highlighted the necessity for continuous efforts aimed at stabilizing the economy and restoring the country’s global reputation. He commented, “Our collective actions have led to the stabilization of the economy. We will continue to exert ourselves with the same level of commitment and dedication. The moment is near when we will achieve prosperity and regain our esteemed position.
However, this journey will require sacrifices, hard work, and perseverance.” Furthermore, he pointed out that the newly launched program concerning the homegrown economy demands
initiatives to reduce electricity costs, which he identified as crucial for promoting exports and trade.
He notified the cabinet members that he had chaired a meeting the previous week to explore the reduction of power prices in partnership with provincial governments. He stated that a comprehensive meeting on this topic is to take place this week.
Concerning small and medium enterprises (SMEs), the prime minister commented on recent progress, including the decisions made during a meeting to reorganize the SMEDA Board. A follow-up meeting on this issue is scheduled for January 15.
Moreover, he highlighted an increase in textile exports, emphasizing the government’s focus on promoting export-led growth and diversifying into non-traditional export avenues.
