Connect with us

Hi, what are you looking for?

Economy

Pakistan receives $1bn from UAE: Ishaq Dar

ISLAMABAD: Finance Minister Ishaq Dar announced that the friendly country, United Arab Emirates (UAE), has provided Pakistan with $1 billion in financial assistance today.

Dar reiterates govt’s commitment to complete IMF program
Finance Minister of Pakistan Ishaq Dar

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.

Written By

I am an accomplished graduate of Strategic Studies, driven by a fervent dedication to comprehending global affairs and devising impactful strategies. Equipped with a comprehensive skill set encompassing research, critical thinking, and persuasive communication, I possess a distinctive viewpoint and an unwavering commitment to fostering inclusive decision-making processes. As a versatile individual, I excel in collaborating with diverse groups in various settings, leveraging my strong interpersonal abilities to adapt seamlessly to new environments and surmount any challenges that arise. With a passion for contributing to strategic initiatives, I am eager to leverage my expertise and drive to effect positive change within the field.

Breaking News

A video allegedly featuring Dolphin Ayan, a well-known transgender figure in Peshawar, has gone viral on social media. In response, Ayan filed a police...

Breaking News

German Foreign Minister Annalena Baerbock was shocked upon arriving in China on Monday when no officials were there to greet her, prompting her to...

Latest Updates

Bakhtawar Bhutto Zardari has revealed the name of her third son, Mir Zulfikar, born on October 20, 2024. The announcement was shared through her...

Latest Updates

HYDERABAD: Director General (Finance & Cooperation) of the Agriculture Department, Imdad Memon, a BS-20 officer, and six other co-accused were arrested on Tuesday after...