The Embassy of Pakistan in the United Arab Emirates (UAE) hosted a grand reception today to commemorate Pakistan's National Day, attended by members of the diplomatic corps, senior UAE government officials, Emirati nationals, and the Pakistani community. His Excellency Sheikh Nahayan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, graced the occasion as the Chief Guest, alongside Minister of State for Foreign Affairs, His Excellency Ahmed bin Ali Al Sayegh. The event featured traditional performances, including the national anthems of Pakistan and the UAE played on traditional instruments. The Pakistani flag was prominently displayed on the hotel building, visible across Abu Dhabi, symbolizing the strong ties between the two nations . In his address, Ambassador Faisal Niaz Tirmizi reflected on the significance of the Pakistan Resolution and the challenges faced by the nascent state in its journey toward socio-economic development. He highlighted various opportuni...
In a significant development to bolster Pakistan's economy, the Chinese Exim Bank has rolled over a $2.4 billion loan to Islamabad for a period of two years. The move comes as the country aims to strengthen its foreign reserves following a deal with the International Monetary Fund (IMF).
Finance Minister Ishaq Dar announced the positive news, highlighting that China has generously agreed to extend the repayment of the principal amounts totaling $2.4 billion, which were due in the next two fiscal years. During this period, Pakistan will only be required to make interest payments, providing a much-needed respite to the country's finances.
The rollover of the loan reflects the deepening economic cooperation between China and Pakistan, further cementing their long-standing financial partnership. It comes at a critical time for Pakistan, as it continues to navigate economic challenges and seeks to achieve sustainable growth and financial stability.
The recent deal with the IMF has paved the way for Pakistan to receive necessary support and guidance to strengthen its financial position and implement structural reforms. With the two-year waiver on principal repayments from China, Pakistan can focus on making interest payments, allowing the country to allocate resources to other vital areas of economic development.
This financial boost is expected to have a positive impact on Pakistan's overall economic resilience, enhancing its ability to address immediate financial obligations and invest in strategic initiatives that foster long-term economic progress.
The close cooperation between China and Pakistan remains a critical driver of economic empowerment and development in the region. The continued support from China underscores the strong bonds between the two nations, emphasizing their shared commitment to advancing economic growth and prosperity.
As Pakistan works diligently to build its foreign reserves and strengthen its economic foundations, the rollover of the Chinese loan stands as a testament to the mutual trust and collaboration between the two countries. It reinforces the importance of global financial cooperation and the significance of fostering strong economic partnerships in an interconnected world.
With China's continued support and the resolve of Pakistan's government to implement prudent economic policies, the nation is better positioned to navigate challenges and move towards a future of sustained economic revival and empowerment.
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