Abu Dhabi Crown Prince visits Pak, meets Pak PM Imran Khan for talks on economic aid
Islamabad, Jan 6 : Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed bin Sultan Al-Nahyan met Pakistan Prime Minister Imran Khan here Sunday as the cash-strapped country seeks economic assistance to bolster its foreign exchange reserves and the government's fiscal policies.
Pakistan, reeling under severe financial crisis, reached out to some "friendly countries" for economic assistance including Saudi Arabia, China and the UAE since Prime Minister Khan assumed office in August.
The Crown Prince, who is on a day-long visit to the country after nearly 12 years, was received by Khan upon his arrival at Nur Khan airbase in Rawalpindi, Dawn reported.
He was given a guard of honour and a fly-past during the red carpet welcome. The high-level delegation will hold talks with the Pakistani side after the two leader's one-on-one meeting.
Pakistan's Foreign Office said the visit is aimed at building on the fresh momentum in ties injected by recent contacts at the leadership level.
Khan visited the UAE twice since August to seek economic assistance to ward off the country's foreign exchange crisis.
Pakistan and the UAE last week finalised the terms and conditions of a USD 6.2 billion support package for Islamabad, which the crown prince is expected to announce during his visit, the report said, adding that the package is to help Islamabad address its balance of payment crisis.
The report quoted a cabinet member as saying that the UAE package is exactly the same size and has the same terms and conditions as those given by Saudi Arabia.
With the new package, Pakistan will save a total of about USD 7.9 billion on oil and gas imports from the UAE, accounting for over 60 per cent of the annual oil import bill amounting to roughly USD 12 to 13 billion, the news report said.
This includes about USD 3.2 billion each of oil supplies on deferred payments from the UAE and Saudi Arabia and about USD 1.5 billion trade finance from the International Islamic Trade Finance Corporation (ITFC), it said.
The total financing support from the UAE and Saudi Arabia, including the ITFC's trade finance, is to be around USD 13.9 to 14 billion when cash deposits of USD 3 billion each from the two countries are also included, according to the cabinet member.
Additionally, a deep-conversion oil refinery is to be set up by Parco a joint venture of Pakistan and Abu Dhabi worth USD 5 to 6 billion at Khalifa Point and an expected petro-chemical complex by Saudi Arabia at Gwadar Oil City.
The Pakistani government has also started backchannel discussions with Qatar for some relief in terms of reduction in LNG prices or a relaxed payment schedule.
Last month, the UAE said it will soon give USD 3 billion to Islamabad.
Pakistan's all weather ally China has also pledged to provide a generous aid to Islamabad to overcome its financial woes. Beijing has not yet revealed the quantum of its financial support.
Pakistan is negotiating a USD 8 billion bailout package from the International Monetary Fund (IMF) to overcome a severe balance-of-payments crisis that threatens to cripple the country's economy.
Pakistan apprehends the IMF will come with stringent conditions of austerity besides scrutiny of USD 60 billion China-Pakistan Economic Corridor projects whose terms till now remained confidential.
The Trump administration is making all efforts to ensure that any IMF loan to Pakistan is not used to repay its Chinese debt.
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India, Ethiopia elevate ties to strategic partnership as PM Modi holds talks with his counterpart
Addis Ababa (PTI): India and Ethiopia on Tuesday elevated their historical ties to a strategic partnership, as Prime Minister Narendra Modi held wide-ranging talks with his Ethiopian counterpart Abiy Ahmed Ali during which they discussed issues of bilateral and mutual interest.
Modi, who arrived here from Jordan on his maiden bilateral visit, was accorded a ceremonial welcome at the National Palace ahead of the bilateral talks, reflecting the vibrant India-Ethiopia relations rooted in shared history and a promising future.
"We are elevating India and Ethiopia relations to a strategic partnership. This step will provide new energy, new momentum and new depth to our ties," Prime Minister Modi said during the delegation-level talks.
He thanked PM Ali for his support in India's fight against terrorism. "The support of friendly countries in this struggle against terrorism holds great significance," Modi said.
"Today, we got the opportunity to deliberate on the key aspects of our cooperation, such as economy, innovation, technology, defence, health, capacity-building and multilateral cooperation. I am pleased that today, we have decided to double the student scholarship for Ethiopia in India," Modi said.
Modi said that India and Ethiopia have shared contact, dialogue, and exchange for thousands of years. The two countries, which are rich in languages and traditions, are symbols of unity in diversity, he added.
"Both countries are democratic powers committed to peace and the welfare of humanity. We are co-travellers and partners of the Global South. On international platforms, we have stood shoulder-to-shoulder," he said.
The two sides signed eight MoUs/agreements, including upgrading ties to 'Strategic Partnership', customs cooperation, establishing data center at the Ethiopian Foreign Ministry, UN Peacekeeping training cooperation, debt restructuring under G20, more ICCR scholarships and AI short courses for Ethiopians, and support for maternal and neonatal healthcare.
Modi said the African Union's headquarters in Ethiopia makes the country a meeting point of African diplomacy. "Inspired by the common vision of an inclusive world, in 2023, India ensured that the African Union became a G20 member," he said.
In 2023, during India’s G20 Presidency, the African Union was admitted as a permanent member of the G20.
Modi said that though this is his first visit, he felt a deep sense of belonging and warmth, reflecting the thousands of years of connection between the two countries.
On his part, Prime Minister Ali said the two countries share over thousands of years of connection through trade, diplomacy, education, culture and even in our food and traditions. "These ties continue to shape a deep friendship, collaboration and mutual respect between our people," he said.
"We also appreciate your consistent message that Africa's priorities must lead the partnership. These kinds of dignified, respectful messages for Africa are very important. Mr Prime Minister, keep pushing. That is the type of message we are expecting from all our trusted friends," Ali said.
He said this aligned fully with Ethiopia's development plan - African-owned, African-led, and African-defined.
"Today, we meet with a clear focus to shape a modern partnership, grounded in sovereignty, self-reliance and practical cooperation. Our cooperation is rooted in equality and South-South solidarity," he said.
"Our economy is performing strongly. Last year, we grew 9.2% and this year we are expecting 10.3% GDP growth. Besides GDP growth, our FDI inflow is also rising big time. India is the leading source for our FDI," he said.
"We have more than 615 Indian companies which are investing in Ethiopia. This all gives our cooperation a strong foundation of trust. I think our decision today that we elevate our historic relationship to a strategic relationship is the right decision," he added.
Ethiopia also conferred its highest award - The Great Honour Nishan of Ethiopia - on PM Modi. He is the first global head of state to receive this award.
Prime Minister Modi also went to the Friendship Park and Friendship Square in Addis Ababa with PM Ali.
In a warm and special gesture, PM Modi was earlier received by his Ethiopian counterpart at the airport and accorded a warm and colourful welcome.
"Ethiopia is a nation with great history and vibrant culture," Modi said.
PM Ali informed his Indian counterpart about the varieties of Ethiopian coffee during informal talks.
"At Addis Ababa airport, took part in a traditional Coffee Ceremony with Prime Minister Abiy Ahmed Ali. The ceremony beautifully highlights Ethiopia’s rich heritage," Modi said.
In a unique gesture, the Ethiopian Prime Minister drove Modi to the hotel.
On the way, he took a special initiative of taking PM Modi to the Science Museum and Friendship Park, which was not in the itinerary.
"Gratitude to Prime Minister Abiy Ahmed Ali for showing me glimpses of Ethiopian history and culture at the National Palace Museum in Addis Ababa. It was a powerful reminder of Ethiopia’s rich traditions," Modi said in a post on X.
The Nobel Peace Prize-winning Ethiopian PM’s special gestures show remarkable respect for Modi, sources said.
"Thank you Ethiopia for a welcome that was unforgettable. The Indian community showed remarkable warmth and affection. India-Ethiopia friendship is going to get even more robust in the times to come," Modi said.
When Modi arrived at the hotel, he was warmly welcomed by the members of the Indian community. Local artists performed dances. Some of them danced on the theme of the popular Hindi song 'Aisa Des Hai Mera' to welcome him.
On Wednesday, Modi will address the Joint Session of Parliament and share his thoughts on India's journey as the "Mother of Democracy" and the value that the India-Ethiopia partnership can bring to the Global South.
PM Modi arrived in Ethiopia from Jordan, where he held a one-on-one meeting with King Abdullah II at the Husseiniya Palace on Monday before the delegation-level talks.
India and Jordan also inked MoUs in the fields of culture, renewable energy, water management, digital public infrastructure and twinning arrangement between Petra and Ellora, aimed at giving a major boost to bilateral ties and friendship.
From Ethiopia, Modi will visit Oman on the final leg of this three-nation tour.
