UAE rolls over $2bn: PM

Islamabad: Prime Minister Shehbaz Sharif says the United Arab Emirates (UAE) has decided to extend the $2 billion payment due on Pakistan this month.

Chairing the federal cabinet meeting in Islamabad today, he mentioned that UAE President Mohamed bin Zayed Al Nahyan conveyed this decision to him with pleasure during a one-on-one meeting in Rahim Yar Khan.

The Prime Minister stated that his meeting with the UAE President focused on strengthening bilateral relations and promoting investment. He mentioned that the UAE President, while referring to the historic fraternal ties between the two countries, expressed commitment to investing in Pakistan, assuring that his country would not fall behind in this regard.

Shehbaz Sharif stated that the President of Indonesia is also expected to visit Pakistan this month. He emphasized that Pakistan has brotherly ties with Indonesia and an agenda is being prepared for discussions with the visiting dignitary. He mentioned that Pakistan could export halal meat and rice to Indonesia.

The Prime Minister expressed satisfaction over the economic stability, emphasizing that with continued diligence and hard work, the country will be taken forward on the path of progress. He, however, noted that reducing power tariffs is crucial for the development of industries and agriculture. He mentioned that two or three options are being considered in this regard.

Shehbaz Sharif described an increase in textile exports as encouraging. He said we should focus on export-led growth and efforts be made to increase exports from non-traditional sources as well.