Prime Minister Shehbaz Sharif informed the federal cabinet on Tuesday that the United Arab Emirates (UAE) has agreed to roll over a $2 billion debt that was due for repayment by Pakistan this month. In his televised remarks at the start of the cabinet meeting, the prime minister highlighted the outcomes of his recent meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan, which took place in Rahim Yar Khan. The discussion focused on ways to deepen bilateral relations and enhance investment cooperation between the two countries.
Prime Minister Shehbaz shared that during their meeting, President Sheikh Mohamed expressed his commitment to advancing ongoing investment projects and strengthening the long-standing partnership between the UAE and Pakistan. He also revealed that, in a one-on-one conversation, the UAE president announced the extension of the $2 billion debt repayment deadline, an offer that was gratefully acknowledged by the prime minister.
Speaking further on the country’s economic situation, Prime Minister Shehbaz emphasized that while Pakistan’s national economy is on the path to stabilization, achieving long-term prosperity would require significant effort and sacrifices. He noted that with the collective efforts of the government and the people, the economy is gradually recovering, and the government will continue to work diligently with the same level of dedication. He stressed that Pakistan’s journey to prosperity would demand hard work, sacrifice, and a commitment to rebuilding the nation’s former glory.
The prime minister also underscored the need for initiatives aimed at reducing electricity costs, which he deemed essential to boosting exports and commerce. He mentioned that last week he had chaired a meeting focused on lowering power prices, and a more detailed session involving provincial governments would take place later this week.
In his address, Shehbaz Sharif also highlighted the importance of small and medium-sized enterprises (SMEs) in driving economic growth. He referred to a recent meeting where important decisions were made regarding the Small and Medium Enterprises Development Authority (SMEDA) board, with another meeting scheduled for January 15 to discuss further developments.
The prime minister noted that textile exports were showing positive growth and emphasized the government’s focus on export-led growth, particularly in non-traditional sectors. He also announced that Indonesian President Prabowo Subianto would visit Islamabad later this month to explore deeper bilateral cooperation, particularly in areas such as Halal meat and rice exports, as well as the import of edible oil.
On a different note, Prime Minister Shehbaz condemned a recent attack on a convoy in Lower Kurram, which injured the deputy commissioner and others. He described the incident as an attempt to undermine the peace agreement in the region and wished a swift recovery for those affected.
Finally, the prime minister addressed the issue of human smuggling, which has caused significant harm to the country’s reputation. He stressed that the government is actively working to combat this crime, holding regular meetings with the Interior Ministry and relevant authorities to eradicate human trafficking and bring justice to those affected.