Pakistan Foreign Minister Bilawal Bhutto to visit UAE today, discuss bilateral ties

During the visit, the foreign minister will hold a meeting with his United Arab Emirates (UAE) counterpart Sheikh Abdullah bin Zayed Al Nahyan, Foreign Office Spokesperson said in a press statement on Saturday.

Pakistan Foreign Minister Bilawal Bhutto-Zardari will undertake an official visit to the United Arab Emirates on Sunday to discuss bilateral ties. During the visit, the foreign minister will hold a meeting with his United Arab Emirates (UAE) counterpart Sheikh Abdullah bin Zayed Al Nahyan, Foreign Office Spokesperson said in a press statement on Saturday.

They will discuss the entire spectrum of bilateral relations between the two countries. In Dubai, Bilawal Bhutto will participate in the unveiling ceremony of a wax figure of former Pakistan prime minister Benazir Bhutto, at Madame Tussauds.

Earlier this month, US Principal Deputy Assistant Secretary of State for South and Central Asia, Elizabeth Horst, said there is no quick remedy for Pakistan's economic problems. The UAE is a donor nation amidst Pakistan's perpetual economic crisis. Earlier, in January, in a move that create some much-needed room for Pakistan's cramped fiscal space, the Abu Dhabi Fund for Development (ADFD) rolled over their deposit of USD 2 billion with the State Bank of Pakistan (SBP).

Prime Minister Shehbaz Sharif had discussed the rollover with the United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed al-Nahyan when he visited UAE earlier. The UAE President had agreed to roll over the existing loan of USD 2 billion and provide a USD 1 billion additional loan.

Pakistan's external debt servicing obligations are at USD 2.44 billion for the current month of July 2023, including USD 2.07 billion in non-guaranteed debt owed to China. Another USD 1 billion worth of safe deposit from China is also due, and Pakistan and China are currently working on the rollover of around USD 3 billion bilateral debt within the ongoing month, according to reports.

Further, The News International, citing official information, reported that Pakistan must pay back the Kingdom of Saudi Arabia USD 195 million for the current month. According to the daily, Pakistan is required to repay China around USD 363 million in guaranteed bilateral loans, including principal and markup payments.

It also has to repay external debt servicing to France to the tune of USD 2.85 million and Japan to the tune of USD 4.57 million. (ANI)

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