On Sunday, Shehbaz Sharif, the prime minister of Pakistan, expressed gratitude to the UAE for its announcement to invest $1 billion in Pakistani businesses.
Sharif thanked the President, His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Twitter for his plans to invest in a number of Pakistani businesses.
“Grateful to my brother His Highness Sheikh Mohammed Bin Zayed Al Nahyan @MohamedBinZayed for the investment that the UAE is going to make in various sectors of Pakistan. Both brotherly countries are very keen to further strengthen their multifaceted relationship,” Sharif said in his tweet.
In several areas, the United Arab Emirates intends to invest $1 billion in Pakistani businesses, according to reports. Official sources in Abu Dhabi highlighted in the report released on Friday that the UAE aims to invest $1 billion in a number of Pakistani enterprises in a variety of economic and investment sectors.
According to the report, the UAE is also eager to work with Pakistan, and the investments will cover a wide range of industries, including gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce, and financial services.
The action is being taken as Pakistan tries to resuscitate its economy, which had been steadily declining.
However, there have been recent developments with the IMF, such as the declaration that Pakistan has completed the final requirements before the $1.17 billion loan tranche may be issued.
The UAE’s latest action will give the IMF the comfort it seeks. The IMF has been evaluating Pakistan’s capacity to obtain more funds and loans from friendly nations before its board meeting possibly next week.
Before the 7th and 8th reviews and the board meeting the following week, Pakistan completed the last remaining prior measures by increasing the petroleum development levy (PDL). The Board meeting is provisionally scheduled for late August after sufficient finance assurances are established, according to a statement from Esther Perez Ruiz, the IMF’s representative in Islamabad.