ISLAMABAD: Finance Minister Ishaq Dar said United Arab Emirates (UAE) deposited $ one billion with State Bank of Pakistan. These funds are crucial for securing IMF deal as global lender had conditioned release of loan with deposition of funds by countries including UAE, Saudi Arabia and China.

Saudi Arabia has already credited $ 2 billion into SBP’s account. Addressing presser, Dar said this deposit would improve SBP’s forex reserves, adding that he was thankful to UAE’s government on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff Gen Asim Munir.

“Pakistan will restore its image in world,” he vowed.  Pakistan and Fund reached staff level agreement last month, securing much-needed funding for cash-starved country. Agreement needs Board’s approval before disbursing $ 1.1 billion upfront and rest of money in instalments.

Nine-month short-term lifeline for Pakistan’s ailing economy, which has been on cusp of default came after eight months

Published in The Daily National Courier, July, 13 2023

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