UAE rolls over 2bn dollars Pakistan debt

The United Arab Emirates has rolled over a maturing debt of $2 billion for Pakistan, a development that would stabilize the country’s foreign exchange reserves.Prime Minister Shehbaz Sharif made the announcement as the debt was set to mature in January 2025. The development comes after he called on UAE President Sheikh Mohammad bin Zayed Al-Nahyan in Rahim Yar Khan.Addressing a cabinet session, PM Shehbaz said they discussed matters related to enhancing bilateral ties and investment opportunities.The premier said he has asked Deputy Prime Minister Ishaq Dar to move forward with investment-related matters with the UAE.He said the efforts in economic diplomacy are yielding results as there is stabilization in the economy. He said the increase in textile exports of Pakistan is encouraging. He remarked that industry, agriculture, and exports will not progress if electricity prices are not reduced.He, however, said the government will have to approach the International Monetary Fund (IMF) to cut the power tariff.Talking about the situation in Kurram, he said the attack on the deputy commissioner after the peace agreement in Lower Kurram is regrettable.He called the attack an attempt to sabotage the peace agreement. The deputy commissioner is receiving treatment, and prayers are being offered for the recovery of all the injured.The Prime Minister also condemned human trafficking, saying Interior Minister Mohsin Naqvi and his team are working to eradicate the illegal business.