ISLAMABAD: The President of the United Arab Emirates (UAE) Sheikh Mohammed bin Zayed Al Nahyan on Wednesday arrived in Pakistan’s Rahim Yar Khan district on a private visit to discuss issues of bilateral interest between the two countries, giving assurances that his country would “always stand by Pakistan,” a statement from the Prime Minister’s Office (PMO) said.
His comments came after the UAE last week announced to roll over its existing deposit of $2 billion in Pakistan’s central bank. President Al Nahyan agreed to lend an additional $1 billion to help the administration in Islamabad, which has been actively seeking external financing from allies and multilateral organizations to manage the ongoing economic crisis in the South Asian nation.
Pakistan has been reeling from last year’s devastating floods that caused damages of more than $30 billion. The country is also witnessing rapid depletion of its forex reserves amid a mounting current account deficit and depreciating national currency. The UAE and Pakistan are striving to increase the quantum of bilateral trade which reached $10.6 billion in the last calendar year.
During Wednesday’s visit, President Al Nahyan and PM Sharif discussed various cooperation paths, especially in the fields of economy, trade, and development, which are in line with the two countries’ sustainability objectives. President Al Nahyan added that the brotherly relations between the two countries went back many decades and his father, who had immense love for Pakistan and its people, laid the foundation of their bilateral ties.
“He further stated that he considered Pakistan as his second home and assured prime minister [Sharif] that the UAE would always stand by Pakistan,” the statement said.
“During their meeting at the airport, both the leaders expressed their resolve to further enhance brotherly relations between the two countries. The Prime Minister recalled his recent visit to the United Arab Emirates and emphasized that both countries would work on the understanding reached between the two leaders during his visit to the UAE, in various fields,” it added.
The two leaders met in Abu Dhabi earlier this month where Sharif led a delegation of senior cabinet members to discuss trade, investment, and economic relations.