Pakistan Premier Says UAE Extends $2 Billion Loan, Offers $1 Billion More

Pakistan’s prime minister said Thursday that the United Arab Emirates agreed to extend a $2 billion loan to his country and provide an additional $1 billion as his nation struggles to recover from devastating floods this summer and a dire economic crisis, the Associated Press reported. Prime Minister Shahbaz Sharif’s office made the announcement after he met with the leader of the UAE, Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan. It said Sheikh Mohammed agreed to the loan extension and the new loan, desperately needed as foreign currency reserves in the nation have plummeted to $5.5 billion — enough money for just under a month of imports. “Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries,” Sharif’s office said. The Emirates did not immediately acknowledge the rollover of the loan and the granting of the additional billion. It said the meeting at Abu Dhabi’s Al Shati Palace saw the two leaders discuss “the historical relations between the UAE and Pakistan and ways to enhance joint cooperation and expand its horizons in a way that serves the mutual interests of the two countries.” Read more.