The UAE Has Extended The Repayment Of A $2 Billion


Naeem Kandwal
This year would make the 50th anniversary of the “diplomatic relations and exemplary friendship” between Pakistan and the United Arab Emirates. These relations date back to the UAE’s formation in 1971, and have since evolved into wide-ranging co-operation in various fields. Pakistan was the first country to extend recognition of the United Arab Emirates. The two countries have played an important role in each other’s development. The UAE continues to be a major donor of economic and financial assistance to Pakistan. UAE recognizes Pakistan’s contribution to the evolution of key institutions in the Emirates. Multiple institutions, bridges, airports and hospitals in Pakistan are named after the UAE’s founding father and first president, Sheikh Zayed bin Sultan Al Nahyan, such as the Sheikh Zayed Bridge in Swat Valley and Sheikh Zayed Medical Complex in Lahore. Pakistan recognizes UAE’s investment in Pakistan’s economy and infrastructure. Foreign Minister Qureshi landed at the Dubai International Airport on Saturday afternoon. He was received by Pakistan Ambassador Afzaal Mahmood. This was Qureshi’s second official visit to the UAE in less than five months. He also visited the UAE in December last year and held meetings with the UAE top leadership. Pakistan’s foreign minister Shah Mehmood Qureshi said his visit to United Arab Emirates would strengthen existing bilateral ties of both the countries. Pakistan’s foreign minister Qureshi met Sheikh Abdullah Bin Zayed Al Nahyan, UAE’s Minister of Foreign Affairs and International Coopertion in Abu Dhabi on Monday. He raised the issue of visa restrictions on Pakistani nationals imposed by the United Arab. 1.6 million Pakistanis are living in the UAE. It is a key source of foreign remittances for Pakistan’s economy. Since November, the UAE has imposed a ban on work visas for citizens from 13 mostly Muslim countries, including Pakistan. The coronavirus pandemic has reached almost every country in the world. The IMF estimated that the global economy shrunk by 4.4% in 2020. The organisation described the decline as the worst since the Great Depression of the 1930s. Especially, pandemic is badly damaging developing countries’ economies in a number of ways. Pakistan is one of the countries most affected by the Corona Virus. The UAE has extended the repayment  of a $2 billion deposit given to Pakistan by the Abu Dhabi Fund for Development (ADFD) in January 2019 to boost liquidity and help overcome financial crisis faced by the Pakistan. This is a very good news for Pakistan’s economy. This was announced on Tuesday following a meeting between Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Shah Mahmood Qureshi. Pakistan was scheduled to repay $2 billion funds to ADFD by April 19, 2021. Pakistanis living in the UAE are playing an important role in the development and progress of the gulf state and Pakistan. Speaking at dinner hosted by Pakistan Business Council Dubai, he said the government with its economic diplomacy had successfully attracted the world towards business opportunities available in Pakistan. He also said it was a matter of satisfaction that despite the ill effects of the global coronavirus pandemic, Pakistan through its economic diplomacy had achieved positive results. Pakistan has historical ties with the United Arab Emirates. Foreign Minister Qureshi said that this year would make the 50th anniversary of the “diplomatic relations and exemplary friendship” between Pakistan and the United Arab Emirates. “This is a very important year for Pakistan-UAE relations,” said the foreign minister. This was a historic and useful visit of Foreign Minister Shah Mehmood Qureshi. Better relations with Muslim Countries is an important part of Pakistan’s foreign policy. This visit will be beneficial for Pakistan economically. The visit will not only improve relations between the two countries but also increase e-commerce.