Pakistan PM office says UAE has committed $10B in investments

The United Arab Emirates (UAE) has committed $10 billion to invest in promising economic sectors in Pakistan, Islamabad said,SİA informs referring to Reuters.

Pakistan has been pushing for foreign investment in a bid to shore up its $350 billion economy, which has struggled with high inflation and low growth as it navigates tough reforms mandated by the International Monetary Fund (IMF).

The investment pledge, also announced by the Emirati state news agency (WAM), came after a meeting between Pakistani Prime Minister Shehbaz Sharif, on a two-day visit to the UAE, met President Sheikh Mohamed bin Zayed Al Nahyan.

"President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan assured (Pakistan of) the UAE's support in all circumstances and made the commitment of investing US $10 billion in multiple sectors," a statement from Pakistan's Prime Minister's Office said.

It did not specify which areas the investment would be in.

The statement said Sharif emphasized strengthening strategic partnerships, including in the field of information technology, renewable energy and tourism.

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