The United Arab Emirates is planning on investing $1 billion in Pakistani companies through various sectors, according to a report by state-run agency WAM.
According to the report issued on Friday, official sources in Abu Dhabi have stressed that the UAE intends to invest $1 billion in various Pakistani companies in different economic and investment sectors.
UAE is also eager to cooperate with Pakistan as per the report, and the investments will include many fields, such as gas, energy infrastructure, renewable energy, health care, biotechnology, agricultural technology, logistics, digital communications, e-commerce and financial services.
The move comes as Pakistan makes attempts to revive its economy, which had been in a steady state of decline. However recent progressions with the IMF, such as the announcement that Pakistan has met the its last prior actions needed before the $1.17 billion loan tranche can be released.
Ahead of the IMF’s board meeting sometime next week, the IMF has been looking at Pakistan’s ability to secure additional funding and loans from friendly countries, and this recent move by the UAE will provide the organization the assurance it seeks.
Pakistan’s act of raising the petroleum development levy (PDL) served as completion of the last prior actions before the 7th and 8th review ahead of the board meeting next week. IMF Islamabad Representative Esther Perez Ruiz said in a statement, “The [Executive Board] meeting is tentatively planned for late August once adequate financing assurances are confirmed.”