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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US lawmakers seek clarity over financial burden, human cost, endgame in Iran conflict
Washington: Tensions rose at the US Capitol on Tuesday as lawmakers sought clearer answers from the Trump administration on the objectives, duration and costs of the ongoing military campaign against Iran, even as preparations advanced for votes aimed at curbing the president’s war powers.
Senior officials, including Secretary of State Marco Rubio, briefed members of the House and Senate for a second consecutive day behind closed doors, as reported by the Associated Press. The sessions came ahead of votes on war powers resolutions that would limit President Donald Trump’s authority to continue joint US-Israel operations without congressional approval.
Rubio told reporters that the president acted to prevent Iran from striking first. He rejected suggestions that Washington moved only because Israel was poised to launch its own offensive, saying instead that Trump believed the weekend presented a rare opportunity to act with maximum impact. “There is no way in the world that this terroristic regime was going to get nuclear weapons, not under Donald Trump’s watch,” Rubio said.
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The conflict has widened following US and Israeli airstrikes on February 28 that killed Iran’s Supreme Leader, Ayatollah Ali Khamenei. Iran has since launched missile attacks targeting US military bases in the region. At least six American service personnel have died so far.
The administration has indicated that supplemental funding may be required to sustain operations. It added that the concerns among lawmakers about the financial burden and potential for a prolonged engagement has disrupted legislative business, sharpening political divisions at the start of a competitive midterm election cycle.
Associated Press cited Senate Democratic Leader Chuck Schumer’s concerns about what he described as possible “mission creep.” Senator Angus King questioned whether the United States had been drawn into war at Israel’s urging, while Senator Elizabeth Warren asked how the campaign aligned with Trump’s “America First” pledge to avoid extended foreign conflicts.
Defence official Elbridge Colby told senators the president had directed the military to degrade Iran’s missile capabilities and prevent it from acquiring nuclear weapons, stressing that the objective was not nation-building. Trump, speaking separately from the Oval Office, dismissed claims that Israel had forced his decision and suggested the conflict could continue if necessary. He has not ruled out deploying US ground troops.
Senator Richard Blumenthal was quoted by Associated Press as saying that he feared the possibility of American boots on the ground while Republican Senator Markwayne Mullin defended the operation, saying the president had acted decisively.
Uncertainty over Iran’s future leadership has added to concerns, with questions mounting about who might succeed Khamenei as Trump rejected the idea of backing Reza Pahlavi, the exiled crown prince of Iran’s former monarchy. Senate Majority Leader John Thune said the future of Iran should be determined by its people and House Speaker Mike Johnson said the United States would not engage in nation-building.
Lawmakers from both parties also reported a surge in calls from constituents seeking assistance for Americans attempting to leave the region as hostilities intensify.
The US Constitution grants Congress the right to declare war, however presidents have routinely begun military activities without formal declarations. Both houses are anticipated to vote on proposals that would require explicit congressional approval to continue operations. Some members have also argued that if constraints are not imposed, Congress should consider issuing an Authorization for the Use of Military Force to put lawmakers on the record.
Associated Press quoted House Democratic Leader Hakeem Jeffries questioning the rationale for the campaign and saying there would be strong support among Democrats for the resolution. Johnson, however, warned that restricting the president during active combat could pose risks.
