UAE pledges $10 billion investment to boost Pakistani economy

This was announced in an X post made by the office of the Prime Minister of Pakistan, Shehbaz Sharif during his working visit to the UAE.

"President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan assured (Pakistan of) the UAE's support in all circumstances and made the commitment of investing US $10 billion in multiple sectors," a statement from Pakistan's Prime Minister's Office said.

Sharif arrived in Abu Dhabi on Thursday, May 23. This visit marks the first time since his election this year. The visit is also a part of the country's efforts to ramp up foreign investments to bolster the economy which has suffered high inflation rates.

Meanwhile, after successfully concluding a short-term $3 billion IMF bailout programme last month, Pakistan has extended yet another warm welcome to an IMF team for discussions on the nation's budget and economic recovery strategies.

According to Reuters, IMF shared that its team led by mission chief Nathan Porter concluded discussions with Pakistani authorities after he visited the country on Thursday, May 23, 2024.

"The mission and the authorities will continue policy discussions virtually over the coming days aiming to finalise discussions, including the financial support needed to underpin the authorities' reform efforts from the IMF and Pakistan's bilateral and multilateral partners," Porter said.

Additionally, Pakistan is anticipated to request a minimum of $6 billion through the new programme and seek additional financing from the IMF under the Resilience and Sustainability Trust.