Islamabad, January 7, 2025: Prime Minister Shehbaz Sharif informed the federal cabinet on Tuesday that the United Arab Emirates (UAE) has agreed to extend a $2 billion loan that Pakistan was due to repay this month.
In his televised remarks during the cabinet meeting, the prime minister described his recent meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan as “positive and constructive,” noting that they discussed strengthening bilateral ties and enhancing investment cooperation.
Shehbaz Sharif expressed gratitude to the UAE president for rolling over the $2 billion loan and highlighted the UAE’s commitment to fast-tracking investment projects in Pakistan. He underscored the importance of this support in Pakistan’s ongoing economic stabilization efforts.
“As our economy moves toward stability, it demands sacrifice, hard work, and dedication. With collective efforts, we are on the right track, and I am confident that we will soon become a prosperous nation. However, this requires continued commitment and relentless effort,” the prime minister remarked.
He added that the government’s recently unveiled homegrown economic program would require significant steps to reduce electricity costs, which he termed critical for boosting exports and commerce. He mentioned that a meeting had already been held on the matter, with another “comprehensive session” scheduled this week to further discuss strategies in collaboration with provincial governments.
The prime minister emphasized the importance of small and medium enterprises (SMEs) in economic growth, noting that significant decisions had been made to complete the SMEDA Board. He announced that another key meeting on SMEs would take place on January 15.
On the export front, Shehbaz Sharif said textile exports were increasing and reiterated the government’s focus on expanding export-led growth, particularly through non-traditional exports. He added that during an upcoming visit by Indonesian President Prabowo Subianto, discussions would center on expanding cooperation, particularly in Halal meat, rice exports, and edible oil imports.
Addressing the recent firing incident in Lower Kurram, where a convoy, including the deputy commissioner, was attacked, the prime minister condemned the act as an attempt to disrupt the peace agreement in the region. He prayed for the swift recovery of the injured and assured the cabinet that the government was committed to maintaining peace.
On the issue of human smuggling, Prime Minister Shehbaz Sharif lamented the tragic deaths of hundreds of Pakistani citizens due to illegal migration and stressed the need for urgent action. He noted that he had been holding regular meetings with the Interior Ministry and other relevant departments to combat human smuggling and restore Pakistan’s reputation globally.
