UAE to invest $1 billion in Pakistan

UAE to invest $1 billion in Pakistan

Islamabad (Web Desk): The UAE has decided to invest $1 billion in Pakistani businesses in order to expand bilateral economic relations in the best interests of the two countries.

According to the state-owned Emirati news agency, the move is intended at exploring new investment opportunities and areas for collaboration in projects across multiple industries.

Pakistani is eagerly awaiting bridging finance of $4 billion from friendly countries as Chief of Army Staff (COAS) General Qamar Javed Bajwa also spoke with the authorities of the United Arab Emirates and Saudi Arabia to discuss IMF programme.

According to the report, the International Monetary Fund loan programme reportedly came under discussion.

Earlier, the army chief also telephoned to US Deputy Secretary of State to help Islamabad secure an early dispersal of $1.2 billion in funds under an IMF programme.

Pakistan and the IMF reached a staff-level agreement over the release of the funds to support the country’s fragile economy. The staff-level agreement will pave the way for the $1.2 billion disbursement, which is expected this month after the board approves it.