Pakistan, UAE finalize talks on building oil refinery: Fawad

After Saudi UAE To Give Over $6 Billion Aid Package To Pakistan Report

After Saudi UAE To Give Over $6 Billion Aid Package To Pakistan Report

Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan met Pakistan Prime Minister Imran Khan here Sunday as the cash-strapped country seeks economic assistance to bolster its foreign exchange reserves and the government's fiscal policies.

"The crown prince's visit to Pakistan shows that both the countries have turned a new page to further strengthen the decades-old bilateral relationship", former ambassador Javed Hafeez told Arab News.

In late December, the Abu Dhabi Fund for Development said that the UAE planned to deposit some $3 billion in Pakistan's Central Bank to help Islamabad cope with its balance of payments crisis.

The crown prince was also briefed about the efforts that Pakistan was making to support and facilitate the Afghan-owned and Afghan-led reconciliation process. The ongoing defense and security cooperation between both the countries also came under discussion which they agreed to enhance further.

Mr Khan thanked the UAE for the generous balance of payment support of US$3 billion (Dh11bn) it has already announced, according to joint statement released after the leaders' meeting.

The package is expected to be announced by UAE Crown Prince Sheikh Mohammed bin Zayed Al Nahyan during his scheduled visit of Pakistan.

Earlier in a telephonic conversation, PM Khan extended an invitation to the crown prince to visit Pakistan.

The United Arab Emirates (UAE) has finalized a financial package of $6.2 billion for Pakistan.

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Pakistan's Foreign Office said the visit is aimed at building on the fresh momentum in ties injected by recent contacts at the leadership level.

Mr Khan inherited a looming economic crisis when he took office five months ago, with the Pakistan's foreign reserves almost gone and a growing balance of payments crisis.

"It will be the third interaction between leaders of the UAE and Pakistan within the last three months which is a testimony to the special nature of our brotherly relations with this important GCC country".

The sources added that Pakistan, in collaboration with the UAE, is also starting construction of Parco Coastal Refinery in Balochistan worth over $5 billion.

More than 1.5 million Pakistanis live in the gulf state and send millions of dollars in remittances back home, it added. A mechanism about it would be formed by the two countries, he added.

"UAE is our major development partner, with tremendous contribution in education, health, energy, and infrastructure development".

Sheikh Mohammed departed for the UAE Sunday afternoon.

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