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UAE invests $1 billion in Pakistani companies: state. news agency – Pakistan

The United Arab Emirates intends to invest $1 billion in Pakistani companies through various industries, government news The agency (WAM) reported with reference to official source in Abu Dhabi.

UAE set to continue cooperation with Pakistan”in various areas, including gas, energy infrastructure, renewable energy, healthcare,” the agency said. added.

move most likely help revive investor sentiment in a country that is suffering from the depletion of foreign exchange reserves, as well as the depreciation of the rupee. However, as the IMF bailout program becomes clearer, sentiment improved and shares market on Friday up by about 670 people points.

The IMF is likely start process for release of the seventh and eighth tranches of credit program for Later this week, Pakistan told the IMF and diplomatic sources. Dawn.

Summer holidays at the IMF are coming to an end on 12th of August. “So, technically, the IMF Executive Board meeting could take place before August 20, if the recommendations are sent to board until August 6, one of sources said.

Pakistan and IMF sign $6 billion bailout agreement – Extended Financing Facility (EFF) – in 2019. But release of $1.17 billion (seventh and eighth) tranche was on keep since this year when the IMF expressed concerns about Pakistan’s compliance with deal.

last executive board consultation on February 2 is year. On July 13, the IMF reached an agreement at the staff level. on combined seventh and eighth reviews for EFF to be approved board before it is paid.

Sources said Pakistan was trying to get the board approved before the summer holidays (Aug. 1 to 12) and sent several officials to Washington.ton convince the Foundation to do so. Earlier this week, Army Commander Qamar Bajwa called the US Deputy Secretary of State. of Wendy Sherman State is looking for Washingtonton support for in package. “But the Pakistanis were told that it was not possible Keep board meeting before recess as a number of members already on leave,” one of sources said.

Another source said the IMF was “seeking to help Pakistan outand that “there were no delays on on their behalf”, but it was “not possible to speed up the process.”

Sources said the IMF asked Pakistan to get guarantees from Saudi Arabia and the UAE that they would give an expected $4 billion loan to the country after the IMF disburses its tranche.

“The Pakistanis have received and conveyed assurances from two friendly countries senior said a diplomatic source. So we don’t see problem in in boardapproval”.

But other sources report that Pakistan was warned “not allow political situation out of hand”. government it was further said that “street violence and protests by the opposition or government suppression on PTI Leaders May Have Negative Influence on deal”.

United States mediaWhen commenting on General Bajwa’s calls to diplomatic and military officials indicated three days ago out that “Pakistani military which has directly ruled the country for more how half of its 75-year history worked hard with USA and is official ally in war on terror against Al Qaeda”.

“And the calls helped, but even the Americans cannot convince the IMF to bypass its procedure,” a diplomatic source said.

“Pakistan is in desperate need of an IMF loan. In July, the fund said it would raise the cost of assistance from $6 billion to $7 billion if approved by board’s chief executive is usually considered a formality.” one of – the reports say.

Another report noted that “the revival of IMF assistance package will help Pakistan and call on others international financial institutions to attract with country”.

The report stated out that after Imran Khan’s resignation, “Pakistan’s currency plummeted to record lows amid uncertainty over IMF aid.”

stable decline in national currency “sowed panic among its business community” as well as “rising product prices made Sharif government extremely unpopular.”

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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