UAE rolls over $2bn loan for another year

LAHORE: The United Arab Emirates (UAE) on Tuesday rolled over $1 billion loan which was due to be paid on April 19, for another year, affirming the country’s commitment to extend every possible support to Pakistan.
The development occurred during Foreign Minister Shah Mahmood Qureshi’s visit to the UAE. Qureshi and his delegation were received by Foreign Minister, His Highness Sheikh Abdullah bin Zayed Al Nahyan, at the UAE’s Ministry of Foreign Affairs in Abu Dhabi, Monday evening.
The loan was part of the $6.2 billion initial bailout by the UAE in late 2018, helping the government of Prime Minister Imran Khan to avoid default on international debt obligations. However, the UAE only released $2 billion of the committed $6.2 billion, holding back on $3.2 billion in oil-financing facilities and $1 billion in cash disbursements.
The two foreign ministers held detailed discussions after delegation-level talks. Qureshi, while welcoming UAE’s support, said that the move symbolises the depth and strength of bilateral ties between the two Muslim countries.
He appreciated the UAE’s progress and development over the last five decades and attributed this achievement to the leadership of the nation. Foreign Minister Abdullah thanked him and acknowledged the valuable role played by the Pakistani Diaspora in the UAE’s growth and prosperity.
The two sides reviewed the entire gamut of bilateral relations, discussing ways to enhance cooperation in diverse areas including trade, investment, infrastructure, energy, technology, tourism and manpower in addition to providing fresh impetus to existing Pakistan – UAE ties. In this regard, they agreed to facilitate ministerial-level visits from both sides.
Qureshi outlined his plans for showcasing the history as well as the future potential of Pakistan-UAE cooperation at EXPO 2020 Dubai in October 2021.
In addition to his official engagements, the Foreign Minister met Pakistan Business Council (PBS), members of Pakistani community, including investors and businessmen, in Dubai and interacted with local and international media during his visit.