LAHORE MIRROR — Finance Minister Ishaq Dar has said that Pakistan received $1 billion from the United Arab Emirates (UAE) as part of its financial commitment to help Pakistan secure the International Monetary Fund (IMF) bailout package.
“We have received $1 billion from the UAE. The UAE has deposited the amount into the State Bank account,” the financial czar announced in a televised media address on Wednesday.
The development comes as IMF is all set to hold the Executive Board’s key vote on Pakistan’s $3 billion bailout programme today, a person familiar with the matter told Bloomberg.
State Bank of Pakistan (SBP) has received today a deposit of $1 billion from United Arab Emirates. This inflow has further increased forex reserves held by SBP and will accordingly be reflected in the forex reserves position for the week ending 14July2023.
— Ishaq Dar (@MIshaqDar50) July 12, 2023
Islamabad signed a short-term IMF deal on June 30 under which the country will receive $3 billion over nine months, subject to approval by the IMF’s board.
Later in a tweet, Dar said the inflow from the UAE has further increased the country’s foreign exchange reserves held by the SBP “and will accordingly be reflected in the forex reserves position for the week ending 14 July 2023”.
