India’s neighboring country Pakistan has rejected a financial assistance offer worth 1.2 billion dollars from the United Arab Emirates. The UAE had proposed this aid package to Pakistan. However, Pakistan’s government has stated that the amount offered is insufficient and its value would depreciate over time.
According to the report of Pakistan’s Ministry of Finance, officials have been instructed to engage in further negotiations with UAE authorities. The Cabinet Committee has reviewed the proposal from UAE as part of the ongoing negotiations regarding granting UAE the rights to cargo terminals.
Previously, Pakistan had made two offers to the UAE, one worth 80 million dollars and later reduced it to 35 million dollars. The negotiations are currently underway between Karachi Port Trust and Abu Dhabi Ports.
Pakistan has decided to enter into this agreement with UAE for strategic reasons. It is important to mention that Pakistan’s government has announced the suspension of the National Assembly as part of this decision.