Pakistan said the United Arab Emirates is set to acquire a stake in the Fauji Foundation as part of deepening economic cooperation, a move expected to help ease the country’s external financing pressures.
Deputy Prime Minister and Foreign Minister Ishaq Dar said on Saturday that the planned investment could help settle a $1 billion liability, while an additional $2 billion loan may be rolled over.
He made the remarks at a press conference outlining the annual performance of the Ministry of Foreign Affairs.
Dar said the development followed a recent visit by the UAE president and reflected growing financial support from key partners. He also expressed gratitude to Saudi Arabia, the UAE and China for providing loans and financial assistance that have helped shore up Pakistan’s financial stability.
The foreign minister said Pakistan’s “proactive, principled and firm” approach on major global issues had strengthened its standing internationally, without providing further details.
On regional diplomacy, Dar pointed to improving ties with Bangladesh, describing the progress as a “major thaw” over the past year. He said his recent visit to Dhaka included meetings with the country’s chief executive, foreign minister, advisers and political leaders, including former prime minister Khaleda Zia, representatives of Jamaat-e-Islami and student groups.
“An environment of goodwill has been created, and following the February elections, we will further engage with Bangladesh,” he said.
Dar also reiterated Pakistan’s position on Gaza, reaffirming Islamabad’s support for a peaceful resolution of the Palestinian issue.
