The United Arab Emirates (UAE) has pledged to invest $10 billion in Pakistan to help boost its struggling economy. This commitment was made during a meeting between Pakistani Prime Minister Shehbaz Sharif and UAE President Sheikh Mohamed bin Zayed Al Nahyan during Sharif's two-day visit to the UAE.
Pakistan's $350 billion economy has been facing challenges, including high inflation and low growth, while trying to implement tough reforms mandated by the International Monetary Fund (IMF). The UAE's investment aims to support various economic sectors, although specific areas were not detailed. Prime Minister Sharif emphasized the importance of strengthening strategic partnerships in fields like information technology, renewable energy, and tourism.
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Pakistan urgently needs foreign investment to boost its economy and stabilize its currency reserves, crucial for meeting external repayment obligations. The country is currently in discussions with the IMF for a long-term bailout deal, potentially worth up to $8 billion. An IMF team is in Pakistan to discuss the national budget and economic recovery plans following the successful completion of a short-term $3 billion IMF bailout program last month.
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