In a meeting with Prime Minister Shehbaz Sharif on Thursday, UAE President Sheikh Mohamed bin Zayed decided to renew the $2 billion existing loan and provide Pakistan an extra $1 billion loan, according to information minister Marriyum Aurangzeb.

As the ninth assessment of the International Monetary Fund (IMF) plan to approve the release of the next $1.1 billion tranche of funding has been pending since September, the much-needed respite was crucial for cash-strapped Pakistan's ailing economy.

Pakistan's central bank's foreign exchange reserves are expected to drop to a catastrophic level of under $5 billion, which is just enough for three weeks' worth of imports, as a result of the country's severe economic crisis.

Today in Abu Dhabi, the prime minister met with the president of the UAE to discuss ways to strengthen bilateral economic, commercial, and investment connections as well as ways to give Pakistanis working in the UAE more chances.

Since becoming prime minister in April, PM Shehbaz has made three trips to the UAE.

Marriyum shared information on the meeting between them on Twitter, writing, "His Highness Sheikh Mohamed bin Zayed welcomed Prime Minister Sharif to Abu Dhabi and wished growth and prosperity for Pakistan."

President Zayed lauded the long-standing ties between the two countries as well as the Pakistani community's important contributions to the UAE.

The prime minister thanked the president of the UAE for inviting him to visit the friendly nation.

"The two leaders addressed the friendly relationships that Pakistan and the UAE already have; they also looked into possibilities to further deepen these ties, particularly in the areas of trade, investment, and energy."

At Shehbaz Sharif's request, President Zayed also consented to a state visit to Pakistan. The dates of the visPakistan is in a serious economic crisis, with this week's expected decline in its central bank's foreign reserves to a crucial level of under $5 billion, just enough for three weeks' worth of imports.

The matter will be resolved diplomatically.