ISLAMABAD: Finance Minister Ishaq Dar on Friday said that the United Arab Emirates confirmed to International Monetary Fund its bilateral support of $1 billion to Pakistan.
The finance minister said that the State Bank of Pakistan was now busy with the needful documentation for taking the said deposit from the UAE authorities.
Taking to Twitter, Ishaq Dar made the announcement and said, “ IMF program — 9th Review Update: UAE authorities have confirmed to IMF for their bilateral support of US $ One billion to Pakistan.
State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.,”
The minister also praised the Almighty Allah over confirmation of the UAE to the IMF for provision of US $one billion to Pakistan.
He wrote, “ AlhamdoLilah!,”.
On April 12, the reports emerged that the UAE was likely to provide written guarantee to the IMF regarding provision of external financing of $1 billion during the ongoing week. Pakistan and the IMF had been holding talks for the release of $1.1 billion from a $ 6.5 billion bailout package they had agreed upon in 2019.
The IMF, however, had asked Pakistan to provide written guarantee from friendly countries for the deposit to unlock the stalled loan programme. The sources had said earlier that Finance Minister Ishaq Dar had asked the UAE authorities to provide written assurance so that they could meet the IMF’s demand.
State Bank of Pakistan Governor, the Secretary of Finance and other officials were in Washington where they held meetings with the international lender about the latest development.
Last week, Saudi Arabia informed the IMF That it was going to provide $2 billion to Pakistan. The IMF confirmed the development. The Saudi authorities are likely to make a public announcement, possibly during the next visit of Prime Minister Shehbaz Sharif to the kingdom.
Pakistan had been struggling for last couple of months to reach deal with the IMF for revival of the stalled programme but the deal was yet to be finalized.
