On Tuesday, Prime Minister Shehbaz Sharif said during a federal cabinet meeting that the United Arab Emirates (UAE) had declared a rollover of $2 billion in debt that Pakistan is supposed to repay this month.

The news comes after Prime Minister Shehbaz and UAE President Sheikh Mohamed bin Zayed Al Nahyan met one-on-one in Rahim Yar Khan. The prime minister informed the cabinet that the discussion was “positive and constructive,” with both leaders talking about enhancing investment cooperation and fortifying bilateral ties.

During the cabinet meeting, the premier expressed gratitude to the UAE president for the gesture, highlighting its significance for Pakistan’s economic stability in televised remarks. He said Sheikh Nahyan promised that his nation would not lag behind in this area and pledged to invest in Pakistan.

Sheikh H.H. H.E. Muhammad Shehbaz Sharif, Prime Minister of the friendly Islamic Republic of Pakistan, meets with Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, in Rahim Yar Khan, Pakistan, where they talk about ways to collaborate and cooperate together. clJ87KY5TL in a picture

— UAE Embassy PK January 5, 2025 (@uaeembassyisb)

“The UAE president reiterated his country’s commitment to enhancing the longstanding partnership with Pakistan and expressed a desire to swiftly implement investment projects,” said the president. Additionally, he expressed gratitude to the visiting dignitary for announcing the debt rollover.

Because of everyone’s efforts, PM Shehbaz emphasized that Pakistan’s economy was headed toward stability. He emphasized the government’s resolve to turn Pakistan into a thriving country and restore its former splendor, stating, “But this needs a journey of sacrifice, blood, sweat, and nothing short of that.”

In order to improve exports and trade, he said, measures to lower the cost of electricity were necessary when the indigenous economy program was launched. Additionally, he announced that a “comprehensive” conference would be held this week to discuss cutting electricity prices, which he organized last week with the participation of regional governments.

Shehbaz praised the recent surge in textile exports and emphasized the importance of diversification into non-traditional industries and export-led growth. He emphasized the importance of small and medium-sized businesses (SMEs) for economic development and brought up a recent meeting to conclude the SMEDA Board, where some significant decisions were also made. January 15 is the date of another meeting on the subject, he continued.

Later this month, Indonesian President Prabowo Subianto is expected to visit Pakistan, where the two countries are expected to talk about deepening and integrating their bilateral cooperation, the PM shared. Additionally, the two countries will look at potential collaboration in the import of edible oil and the export of halal rice and meat.

A deputy commissioner and others were hurt in a recent fire incident in Lower Kurram, which the prime minister denounced as an attempt to undermine the peace deal. In addition to expressing hope for the victims’ recovery, he reaffirmed the government’s commitment to fighting people smuggling, a practice that has resulted in a huge death toll and damaged Pakistan’s standing internationally.

“To address this serious issue, regular meetings are being held with the Interior Ministry and other relevant departments,” he continued.