ISLAMABAD: Finance Minister Ishaq Dar announced that the friendly country, United Arab Emirates (UAE), has provided Pakistan with $1 billion in financial assistance today.
Finance Minister Ishaq Dar announced during a press conference that the United Arab Emirates (UAE) has deposited $1 billion with Pakistan’s central bank to boost foreign exchange reserves. Within two days, Pakistan’s reserves increased by $3 billion. Minister Dar specifically mentioned that today, the UAE, a friendly country, made the $1 billion deposit to the State Bank of Pakistan (SBP).
Expressing gratitude on behalf of the Pakistani nation, Dar conveyed his thanks to the UAE leadership for their valuable financial support during challenging times. He further mentioned that the State Bank of Pakistan (SBP) will issue a formal announcement on Friday.
In addition, Dar expressed his appreciation to the prime minister and army chief. He confidently stated that the foreign reserves would reach $14 billion by the end of July, debunking the speculations surrounding the country’s default.
During a press conference in Islamabad yesterday, Finance Minister Ishaq Dar announced that Pakistan has received $2 billion in external financing from Saudi Arabia. He highlighted that the State Bank of Pakistan has already received the funds, which will contribute to bolstering Pakistan’s foreign reserves.
Dar commended Saudi Arabia for their unwavering support and expressed gratitude on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff (COAS) General Asim Munir.
The finance minister emphasized that Pakistan’s economy is on the right track and anticipated further positive developments in the coming days. It’s worth noting that the IMF had requested written guarantees from friendly countries for the deposit, and on June 30, Pakistan signed a $3 billion staff-level agreement with the IMF.
The approval of this agreement by the IMF’s executive board is expected in mid-July, enabling Pakistan to receive the loan.
