ISLAMABAD The United Arab Emirates (UAE) has agreed to extend a $2 billion debt that is due this month, giving Pakistan much-needed financial respite, Prime Minister Shehbaz Sharif announced on Tuesday.
The prime minister informed the federal cabinet members of his “positive and constructive” meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan during his televised opening remarks at the meeting. They talked about how to improve investment collaboration and bilateral ties even more.
The premier claims that the president of the United Arab Emirates emphasized the importance of proceeding quickly with the investment projects and reaffirmed his nation’s dedication to strengthening its long-standing alliance with Pakistan. The UAE president made the announcement of the debt rollover during their private meeting.
In order to stabilize the economy and restore the nation’s reputation internationally, PM Shehbaz emphasized the necessity of persistent efforts. “The economy is stabilizing as a result of our combined efforts. We’re going to keep working hard with the same dedication and commitment. It won’t be long before we reclaim our status and become a successful country. However, he continued, “this requires a journey of sacrifice, blood, sweat, and nothing less.”
The premier emphasized that the recently announced domestic economic program necessitated actions to lower electricity costs, which he said were necessary to increase trade and exports.
He told cabinet members that a “comprehensive” discussion on the topic would be convened this week after he chaired a meeting last week to discuss lowering power prices with the help of province governments.
The prime minister highlighted recent developments on small and medium-sized businesses (SMEs), including decisions reached at a meeting to reorganize the SMEDA Board. The topic will be discussed at another meeting on January 15.
Reiterating the government’s emphasis on export-led growth and diversification into non-traditional exports, he also mentioned an increase in textile exports.
Developing closer relations with Indonesia
Prabowo Subianto, the president of Indonesia, is scheduled to visit Islamabad this month to talk about enhancing bilateral relations, the prime minister told the cabinet. Cooperation in the import of edible oil and the export of rice and Halal meat will be areas of emphasis.
Prime Minister Shehbaz denounced the attack, calling it an attempt to undermine a peace deal, in reference to a recent fire incident in Lower Kurram that injured the deputy commissioner and others. He prayed for the injured receiving care in Peshawar to recover quickly.
He said that the government was coordinating efforts to combat the threat of people smuggling, which has killed hundreds of Pakistanis and tarnished the nation’s image.
According to PM Shehbaz, he addressed the matter by holding frequent meetings with the Ministry of Interior and other pertinent ministries.
Cabinet choices
Later, the federal cabinet authorized designating the Federal Board of Revenue’s (FBR) infrastructure as important under the Prevention of Electronic Crimes Act (PECA) 2016 on the Revenue Division’s suggestion, according to a news statement from the PM Office. The goal of this stage is to protect private information from illegal access or cyberattacks.
The temporary operating permits for Flydubai’s weekly flights between Lahore, Islamabad, and Dubai were extended from January 4 to February 3 by the federal cabinet on the Aviation Division’s suggestion.
From March 2024 onwards, the cabinet was updated by the Ministry of Maritime Affairs on public sector imports and exports via Gwadar Port by 11 federal ministries or divisions.
The prime minister ordered that a complete report be provided and that the briefing contain reports from all pertinent ministries. He ordered that the port be used for 60% of all public sector transactions.
The IT ministry also provided the cabinet with updates on the e-Office system’s implementation across federal ministries, which made government communications easier.
becoming paperless on January 1, 2025. 21 ministries have already adopted the technology, which is anticipated to cut costs and save time. The PM’s Office has reduced the processing time for summaries to no more than three days.
Following the Cabinet Division’s suggestion, the cabinet authorized the purchase of refurbished Chromebooks for colleges and universities, ensuring transparency through a third-party audit.
The Investment Board and China’s Shandong Ruyi Group signed a memorandum of understanding (MoU) to develop textile parks, which was also authorized by the government.
On the suggestion of the Ministry of Foreign Affairs, the federal cabinet authorized the signing of a Memorandum of Understanding between the Serbian Diplomatic Academy and the Ministry’s Foreign Service Academy.
The cabinet also ordered that all outstanding court matters involving private Hajj operators be settled as soon is possible and approved decisions reached at recent Cabinet Committee on Legislative matters sessions on December 31 and January 1.
