By Press Trust of India: Pakistan on Wednesday obtained USD 1 billion from the UAE to spice up its reserves, a day after Saudi Arabia transferred USD 2 billion to the nation’s central financial institution within the wake of a cope with the International Monetary Fund.
Finance Minister Ishaq Dar introduced the switch of funds by the Gulf nation on the eve of the board assembly of the IMF to approve a USD 3 billion Stand-by Agreement.
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“We received confirmation some time ago that our brother country, our friend, the UAE has deposited USD 1 bn to the State Bank’s account. The Federal Reserves Bank has confirmed that this amount has been credited to the (SBP’s) account,” he said in a video message shown live on television.
Dar said the funds received from Saudi Arabia and the UAE this week had collectively “elevated the nation’s reserves by USD 3 bn in two days” which would reflect in the weekly update of foreign exchange reserves due to be issued on July 14.
He thanked the UAE leadership on behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff General Asim Munir and the Pakistani nation for support in difficult times.
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Prime Minister Sharif also thanked UAE President Mohamed Bin Zayed for the USD 1 billion deposit. “As a time-tested pal and brotherly nation, the UAE has at all times come ahead to assist Pakistan,” he mentioned.
He mentioned that Pakistan acknowledged the “kind gesture” which was vital to the efforts to stabilise the financial system.
Pakistan has been struggling to rearrange sufficient international change to fulfill the IMF which refused to supply the remaining USD 2.5 billion out of a USD 6.5 billion mortgage program which was signed in 2019 and expired on June 30 this 12 months.
Later, the IMF agreed to supply USD 3 billion over a interval of 9 months beneath strict circumstances together with arranging funds to spice up the steadiness of funds.
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Posted By:
chingkheinganbi mayengbam
Published On:
Jul 12, 2023
