UAE agrees to roll over fee of $2 billion due by Pakistan

By Gibran Naiyyar Peshimam

ISLAMABAD (Reuters) – The United Arab Emirates has agreed to roll over the fee of $2 billion due by Pakistan this month, the South Asian nation’s Prime Minister Shehbaz Sharif mentioned on Tuesday.

Sharif mentioned he met with UAE President Sheikh Mohammed bin Zayed Al Nahya whereas he was on a private go to to Pakistan on Sunday.

“In a one-on-one assembly he mentioned…there’s a $2 billion greenback reimbursement due and we’re extending this,” Sharif advised reporters in a televised press convention..

“I requested for the UAE to speculate just a few billion {dollars} in key funding tasks and that may be useful,” Sharif added.

“He mentioned the UAE was dedicated to this funding and the 2 nations share brotherly ties,” he mentioned.

Securing exterior financing has beforehand been a key situation for the Worldwide Financial Fund (IMF) to approve bail-out offers for the cash-strapped nation.

The following assessment by the IMF of its $7 billion, 37-month mortgage programe to Pakistan is anticipated in February.

Pakistan’s $350 billion financial system has struggled for many years with boom-and-bust cycles, needing 23 IMF bailouts since 1958.