Pakistan to settle UAE’s $1 billion liability via deal with Fauji Group

Deputy Prime Minister and Foreign Minister Ishaq Dar addresses a press conference in Islamabad on Friday to review Pakistan’s diplomatic performance in 2025.

ISLAMABAD:

Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Saturday reiterated that Pakistan, once described as “diplomatically isolated”, had become strong and important diplomatically, politically and economically among the comity of nations, thanks to the dynamic policies of the ruling government.

The DPM/FM, presenting the annual achievements and role of the Ministry of Foreign Affairs at a press conference, said its proactive, principled and firm stance on key global issues had been praised and recognized in global forums.

Referring to the recent visit of the UAE President, he said the UAE was going to acquire some shares of the Fauji Group and expected a $1 billion liability to be settled through their investment, adding that the other loan of $2 billion could be deployed.

The DPM/FM expresses gratitude to the Kingdom of Saudi Arabia, UAE and China for their support to Pakistan’s financial stability by extending loan facilities.

Dar said that Pakistan’s international standing among the committee of nations had improved due to its principled and proactive stance and also thanked the national media for projecting the country’s image.

He said that when the PDM government was formed, “Pakistan was known as a diplomatically isolated country. But now Pakistan’s key role is recognized in the comity of nations.”

The DPM/FM said that during the four-day armed conflict with India, India’s so-called hegemony and fantasy as an internet security provider in the region was tested and broken.

The Ministry of Foreign Affairs remained proactive after the Pulwama incident in which India falsely accused Pakistan, adding that the country’s defense was now strong and firm.

He reiterated that during Indian aggression, Pakistan responded responsibly as it has always stood for peace.

Dar said the country’s nuclear capability and missile capability had made the country’s defense strong and invincible.

He stressed that now they were focused on transforming the country into an economic power and once this status was achieved, they would be able to lead the Ummah.

Dar further reiterated that unless the Jammu and Kashmir issue is resolved, no perpetual and permanent peace in the region can be established. Pakistan strongly protested and opposed India’s illegal measures regarding Indian illegally occupied Jammu and Kashmir, and the issue was once again highlighted globally.

The UN Security Council session discussed human rights violations in the IIOJK, he said, stressing that only a plebiscite involving Kashmiris, as provided for in the UN Security Council resolutions, could be the only solution to the problem.

Regarding the Indus Waters Treaty (IWT), he said they were actively pursuing the issue in the OIC, Permanent Court of Arbitration and the UN and their reports were favorable to Pakistan’s position.

Terming the growing bilateral relations with Bangladesh as a “major thaw” achieved this year, he described his visit to the country as long and engaging, during which he held numerous meetings with the Chief Executive, Foreign Minister and other advisors, besides meeting Khaldia Zia, the Jammat-e-Islami and the students’ party.

“An environment of goodwill has been created and after the February elections we will involve them more,” he added.

Regarding relations with the United States, he said that they remain at peaks and troughs, while under the previous administration of President Biden, the two countries were not engaged, but under the recent administration, trade, investment and bilateral relations were heading towards a positive trajectory.

Collaboration against terrorism has also been strengthened, he added.

The DPM/FM congratulated the Trump administration and said the United States played a major role in a ceasefire between Pakistan and India.

On June 11, they nominated President Trump for the Noble Peace Prize for his role in bringing peace, he said, adding that President Trump had repeatedly cited the downing of seven Indian planes.

He also expressed satisfaction at witnessing bilateral trade of $13.28 billion with the United States and said the reduction in US customs duty on Pakistan was the lowest in South Asia.

The DPM/FM, responding to various media queries, also highlighted the participation of Pakistani leaders and meetings with their counterparts from various countries, including Turkey, OIC Member States, China, EU, ASEAN, UN, SCO and Russia, in various bilateral and multilateral forums.

He said various agreements in the areas of economy, defense and investments had been signed, thereby strengthening the country’s global reach.

The DPM/FM also highlighted Pakistan’s principled stand and role played for peace in Gaza and resolution of the Palestinian issue.

He also stressed that dialogue, engagement, regional stability; economic collaboration and the pursuit of peace were the fundamental contours of their foreign policy aligned with national interests.

Regarding the PTI protest in the UK, he termed it a sheer provocation in which the protesters issued death threats, which was not acceptable at any cost.

The DPM/FM stressed that the British government should take responsibility for preventing such provocations. If such incidents occurred in other countries, the government would take up the matter, adding that they served as a step that was a good decision.

He also expressed dismay over the response of the Taliban regime which failed to take concrete and tangible measures against terrorists operating from Afghan soil and carrying out terror attacks inside Pakistan.

The DPM/FM said that only India was sabotaging the functioning of SAARC, which was unfortunate.

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