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UAE agrees to rollover USD 2 billion payment in Jan: PM Sharif
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....AE agrees to rollover USD 2 billion payment in Jan: PM Sharif <br>PTI News<br>Dated:- 7-1-2025<br>PTI<BR>Islamabad, Jan 7 (PTI) Prime Minister Shehbaz Sharif on Tuesday said the UAE has agreed to rollover the payment of USD 2 billion that Pakistan was due to pay this month. Addressing the cabinet meeting, the prime minister mentioned that United Arab Emirates (UAE) President Mohamed bin Zayed co....
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....nveyed this decision to him during a one-on-one meeting in Rahim Yar Khan over the weekend. The UAE president was on a private visit to Rahim Yar Khan, a city in Punjab province, but also met Sharif on the occasion. “He happily informed me that USD 2 billion owed by Pakistan in January was being extended by the UAE. He proposed it himself and immediately issued [directives as well],” Shari....
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....f said. Pakistan's foreign exchange reserves have gone up from USD 2.7 billion to USD 11.7 billion in the last two years and while external public debt stood at USD 100 billion two years ago, it currently stands in the same position, according to a report. Though the prime minister didn't give the period of extension, the rollover of such a loan is often for one year. Both the UAE and Saudi Ar....
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....abia regularly extend bilateral payments to help Pakistan tackle its balance of payment challenges. The Prime Minister also told the cabinet that his meeting with the UAE President focused on strengthening bilateral relations and promoting investment, adding that the UAE leader expressed his commitment to investing in Pakistan. Earlier in December, Saudi Arabia had extended USD 3 billion debt ....
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....repayment period for Pakistan for another year after the cash-strapped nation could not pay the debt, the country's central bank had said when the term of the deposit was maturing on December 5. The State Bank of Pakistan stated that Saudi Arabia had placed the USD 3 billion deposit initially for one year in 2021 and subsequently rolled it over in 2022 and 2023. It was one the debt extensions,....
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.... which Pakistan would need till the end of June 2025 to avoid at least USD 13 billion more repayments to Saudi Arabia, China and the UAE, the officials had said then. Meanwhile, on Tuesday, the prime minister expressed satisfaction over stability in the economy, emphasising that with continued diligence and hard work, the country will be taken forward on the path of progress. He, however, note....
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....d that reducing power tariff is crucial for the development of industries and agriculture. Pakistan struggles to increase revenue collection as per the deal made with the International Monetary Fund (IMF) in September 2024 to get a USD 7 billion loan package. Pakistan has set a Rs 12.913 trillion target for the fiscal year 2024-25, a 40 per cent increase from the tax collected in the previous ....
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....fiscal year. The FBR fell short of Rs 96 billion in the first quarter (July-September) of the year as it collected Rs 2,556 billion against Rs 2,652 billion. PM Sharif also described the increase in textile exports as encouraging. “We should focus on export-led growth and efforts be made for increasing exports from non-traditional sources as well,” he said. Sharif also said in his cabinet ....
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....address that the President of Indonesia is expected to visit Pakistan this month. He emphasised 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. PTI SH NPK NPK<BR> News - Press release - PIB....