Islamabad (TIP): The United Arab Emirates (UAE) on January 12 agreed to extend an existing loan of $2 billion and provide an additional loan of $1 billion to help cash-strapped Pakistan tackle its economic woes, including the fast-depleting foreign exchange reserves.

Prime Minister Shehbaz Sharif’s Office made the announcement after his meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Abu Dhabi. The two leaders discussed bilateral relations and explored ways to further strengthen these ties, especially in the fields of trade, investment and energy. They also had an exchange of views on regional and international issues of mutual interest.

While on one hand, the government supply of subsidised wheat has nearly stopped altogether, the prices of other essentials have skyrocketed on the other. Stores and grocery shops are running out of kitchen staples. The shortage of wheat flour has led to an increase in the prices of bread and bakery items too.

The desperate situation has triggered chaos and some clashes among people were also seen in the region in the past few days. The locals blamed the government for the situation. “We will continue to protest till our demands are met. The scope of this protest can also increase, it can go from one district to another. We can protest in the entire PoK region. If the poor people yearn for bread, we are not responsible for it. It is the responsibility of the government,” said a protester in Muzaffarabad. /ANI