This handout image provided by the UAE Presidential court on January 12, 2023 shows UAE President Sheikh Mohamed bin Zayed al-Nahyan posing for a picture with Shehbaz Sharif, Prime Minister of Pakistan , prior to their meeting, at Al Shati Palace in Abu Dhabi. AFPPIX: The United Arab Emirates has agreed to roll over $2 billion owed by Pakistan and provide the country with an extra loan of $1 billion, Islamabad said Thursday.
Pakistan Prime Minister Shehbaz Sharif arrived in the UAE earlier Thursday for talks with top Gulf officials to seek help for the battered economy. “Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.”Pakistan's national debt stands at $274 billion -- or nearly 90 percent of gross domestic product.
A $7 billion loan agreement with the IMF -- about half of which has already been disbursed -- has stalled because Pakistan has not fully implemented tough economic measures including slashing subsidies and raising taxes.
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