The United Arab Emirates on Thursday committed to allocate $10 billion for investment in Pakistan in a bid to enhance cooperation between the two countries.
According to a statement issued by the Prime Minister’s Office, this was conveyed to Islamabad during a meeting between Prime Minister Shehbaz Sharif and U.A.E. President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi during the former’s one-day visit to the Gulf state.
The decision has been taken “to strengthen the Pakistani economy, support it, and enhance cooperation between the two countries,” the U.A.E.’s state media reported. Earlier, addressing an event in Abu Dhabi, the premier had stressed that Pakistan was seeking financial collaboration with friendly nations rather than its past practice of visiting brotherly countries with “begging” bowls. “I have broken that bowl,” he claimed.
In recent weeks, amidst an ongoing economic crisis, Pakistan has been ramping up efforts to secure investments from friendly nations, starting with Saudi Arabia. The Gulf kingdom, last month, pledged to expedite $5 billion in investment, while the premier is expected to visit China next month to discuss the next phase of the China-Pakistan Economic Corridor.
Islamabad this week also concluded discussions with a staff mission of the International Monetary Fund (IMF) to secure an extended fund facility. In a statement, the mission chief described the talks as productive and said virtual discussions would continue on the level of financial support required by Pakistan from the IMF and its bilateral and multilateral partners.