The United Arab Emirates intends to invest $1 billion in Pakistani companies across various sectors, state news agency (WAM) reported citing an official source in Abu Dhabi. The UAE is keen to continue cooperation with Pakistan “in various fields, which include gas, energy infrastructure, renewable energy, health care,” the agency added. The move will likely help revive investor sentiment in the country, which has been beset by dwindling foreign exchange reserves as well as a depreciating rupee. However, as an IMF bailout programme becomes clearer, sentiment has improved and the stock market on Friday rallied by some 670 points. Pakistan and the IMF signed the $6bn bailout accord – Extended Fund Facility (EFF) – in 2019. But the release of a $1.17 billion (seventh and eighth) tranche has been on hold since earlier this year, when the IMF expressed concern about Pakistan’s compliance with the deal.
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