PM Highlights Stability Efforts Following UAE's $2bn Debt Rollover

PM Highlights Stability Efforts Following UAE's $2bn Debt Rollover

Prime Minister Shehbaz Sharif announced the UAE's decision to roll over $2 billion in debt due this month, delivering critical financial relief to Pakistan. During a federal cabinet meeting, the prime minister described his "constructive" discussion with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Rahim Yar Khan, focusing on enhancing bilateral ties and investment projects. The UAE president expressed strong support for Pakistan's economic stability, culminating in the debt rollover.

The premier highlighted Pakistan's stabilizing economy and reiterated the need for collective efforts and sacrifices to rebuild the country's global standing. He emphasized ongoing initiatives to reduce electricity costs and boost exports, with a comprehensive meeting scheduled to address power prices.

Economic Measures and Export Focus
PM Shehbaz noted progress in SME support, textile export growth, and diversification into non-traditional sectors. He also mentioned an upcoming visit by Indonesia’s President Prabowo Subianto to discuss enhancing trade in Halal meat, rice exports, and edible oil imports.

Cabinet Decisions on Critical Infrastructure and Trade
The federal cabinet declared the Federal Board of Revenue’s (FBR) infrastructure as critical under PECA 2016 to safeguard against cyberattacks. Flydubai's temporary operating permits for flights between Lahore, Islamabad, and Dubai were extended. The Ministry of Maritime Affairs briefed the cabinet on increased public sector trade through Gwadar Port, targeting 60% of government trade via the port.

Advancing Digital Governance
The IT ministry reported on the implementation of the e-Office system in 21 federal ministries, aiming to make government communications paperless by January 2025. The initiative is expected to cut costs and reduce processing times significantly.

Education and International Collaborations
The cabinet approved the purchase of refurbished Chromebooks for schools and colleges with a third-party audit to ensure transparency. Agreements with China’s Shandong Ruyi Group for textile parks and Serbia’s Diplomatic Academy were also greenlit.

Human Smuggling and Security Efforts
The premier condemned recent violence in Lower Kurram and emphasized efforts to combat human smuggling, which harms Pakistan's global reputation. Regular meetings with the Ministry of Interior are addressing the issue comprehensively.

The cabinet concluded by ratifying prior decisions on legislative matters and urging expedited resolutions of court cases concerning private Hajj operators.