UAE intends to invest $1bn in Pakistan

ISLAMABAD: The United Arab Emirates (UAE) has expressed its intention to invest $1 billion in Pakistani companies in various economic and investment sectors.

According to the Emirates News Agency, the move aims to explore new investment opportunities and areas for cooperation in projects across various sectors, so as to expand bilateral economic relations in the best interest of the two countries.

It also emphasises the keenness of the UAE and Pakistan to continue cooperation in various fields like gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce and financial services.

The Pakistani authorities are anxiously waiting from friendly countries for fulfilling bridge financing of $4 billion for meeting the IMF conditions. Pakistan’s powerful quarters have contacted US officials and Kingdom of Saudi Arabia as well as the UAE high-ups to muster up required financial support for securing the revival of stalled IMF programme.

One top official said that Pakistan was expecting to get support from friendly countries before Ashura, so that the IMF’s Executive Board could consider Pakistan’s augmented $7 billion EFF revival programme by Aug 24, 2022.

Pakistan and the IMF now require confirmation from KSA for financial support on account of deferred payment of oil facility and conversion of SDRs for Pakistan after which the Letter of Intent (LOI) will be duly signed by the finance minister and the SBP governor. It will then be forwarded to the Fund’s executive board to approve combined seventh and eighth reviews and release of $1.17 billion tranche under the Extended Fund Facility (EFF).