ISLAMABAD: The United Arab Emirates has assured Pakistan that it will roll over USD2 billion in deposits, offering continued support to the country’s foreign exchange reserves and helping ease financial pressure on Islamabad.
This was stated by Deputy Prime Minister and Foreign Minister Ishaq Dar in an informal chat with the media here on Wednesday.
He rejected the impression that the UAE would withdraw its deposits from Pakistan’s reserves.
In reply to a question, he said discussions with the UAE were under way to finalise the rollover arrangements. He revealed that the new rollover is expected to be agreed for a longer tenure than previous arrangements.
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The deposits, placed with Pakistan’s central bank, form part of efforts to maintain foreign exchange stability at a time when the country continues to manage external financing requirements.
Ishaq Dar stated that negotiations with the UAE authorities were progressing well, hoping that the extension would further strengthen Pakistan’s financial position.
Earlier, speaking at the Pakistan Governance Forum 2026, following Prime Minister Shehbaz Sharif’s inauguration of the PSDP Data Portal to enable transparent governance, Dar emphasised the growing centrality of economic diplomacy in the country’s foreign policy, highlighting key sectors such as high-value manufacturing, information technology, mineral resources, agro-processing, and Halal food as core components of Pakistan’s international engagement.
“Economic diplomacy occupies a central place in our government’s foreign policy calculus. Our diplomatic outlook is profoundly focused on the economic prosperity of our people,” he said, adding that these strategic partnerships are integral to driving national growth and development.
“The productive visits of Prime Minister Sharif and Chief of Defence Forces and Field Marshal Syed Asim Munir to Washington, along with my frequent interactions with US Secretary of State Marco Rubio, have contributed to recent developments,” he added.
He acknowledged that Pakistan is going through an eventful phase in the history of international relations, where norms, institutions, alliances, and long-held concepts of economic interdependence and global governance are being revisited.
He added that Pakistan’s foundational and top priority remains the same: the security of our people and the sanctity of our sovereignty and territorial integrity.
Dar reiterated Pakistan’s commitment to resolving these issues through dialogue and diplomacy, with a specific emphasis on the Jammu and Kashmir dispute.
“We are acutely aware of the challenges from our neighbourhood. Persistent provocations and belligerent posturing from our eastern neighbour, and cross-border terrorism emanating from across our western border, have not diminished our commitment to peace, dialogue, and diplomacy,” he added. Dar also pointed to the government’s “whole-of-government approach,” ensuring that Pakistan’s foreign policy priorities are backed by a comprehensive national strategy. “We have worked to strengthen institutional coordination between the Ministries of Planning, Commerce, Finance, and other relevant agencies, as well as, the Special Investment Facilitation Council (SIFC),” he explained, emphasising the collaborative effort across ministries to advance Pakistan’s foreign policy objectives.
Addressing the pressing global issue of climate change, Dar stressed its impact on Pakistan, which, despite contributing minimally to global emissions, stands among the world’s most climate-vulnerable nations.
He highlighted Pakistan’s active engagement in multilateral climate action, including frameworks such as the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement, with a strong advocacy for climate finance, loss and damage funding, and enhanced adaptation support.
Dar also spoke about the evolving global order, which now places importance on “strategic bilateralism and minilateralism,” where nations are forging targeted partnerships around shared interests.
He pointed to Pakistan’s growing ties with China through the China-Pakistan Economic Corridor (CPEC 2.0) and its expanding relationships with Bangladesh, Saudi Arabia, and other Middle Eastern nations. Additionally, Pakistan is fostering partnerships with Central Asian states, ASEAN countries, and nations in Africa and Latin America.
He highlighted his own diplomatic engagements with US Secretary of State Marco Rubio and Iranian Foreign Minister in recent months, which have been central to advancing Pakistan’s diplomatic agenda. He said that Pakistan has been an active proponent of a two-state solution for Palestine and has called for an immediate ceasefire and increased humanitarian aid for Gaza. However, addressing the Forum, Samuel Rizk, UNDP’s Resident Representative, highlighted that governance is not just a technical issue but a strategic decision that shapes the future.
He emphasized that good, inclusive, and transparent governance is key to sustainable development, as it supports livelihoods, builds resilience to climate events, creates opportunities for youth, and strengthens trust in public institutions.
Muzammil Aslam, Advisor to the Chief Minister of Khyber Pakhtunkhwa, discussed the province’s rapid digitalisation efforts, completing a five-year plan in less than a year. He said that 170 government services have been identified for digitalisation, with 56 services fully digitalised and 73 offering electronic payment options, streamlining public services for the people.
Law Minister Azam Nazeer Tarar emphasised that Uraan Pakistan represents a clear path for national reform. He highlighted the importance of legal reforms in improving governance, attracting investment, and ensuring environmental protection.
Tarar also pointed to the government’s achievements in digitalising over 900 federal laws through the Pakistan Code, making them accessible online for free, as well as, streamlining the management of federal cases.
Copyright Business Recorder, 2026
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