UAE has committed $10 billion in investments: Pakistan PMO

NEW DELHI: The United Arab Emirates (UAE) has promised $10 billion worth

investment

in

Pakistan

's promising

economic areas

, Islamabad announced on Thursday. The areas of investment is yet to be specified.
"President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan assured (Pakistan of) the UAE's support in all circumstances and made the commitment of investing US $10 billion in multiple sectors," Pakistan's Prime Minister's Office said in a statement.
According to the statement, Sharif emphasized the importance of strengthening strategic collaborations in areas such as information technology, renewable energy, and tourism.
Pakistan has been promoting foreign investment in an effort to strengthen its $350 billion economy, which has battled with high inflation and sluggish growth while it implements severe reforms imposed by the International Monetary Fund (IMF).

The nation requires foreign investment to stimulate its economy and strengthen its currency reserves in order to meet its external debt obligations. It is in talks with the IMF to negotiate a long-term bailout arrangement worth up to $8 billion.