KARACHI: Finance Minister Ishaq Dar has said that the United Arab Emirates (UAE) has confirmed bilateral support of US $1 billion to Pakistan, while out of Chinese Bank’s ICBC approved facility of $1.3 billion, State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million
Taking to Twitter on Friday, Dar said that the UAE authorities had informed the International Monetary Fund (IMF) of their decision to provide the financial support to Pakistan.
Dar added that the State Bank of Pakistan was now in the process of completing the necessary documentation to receive the deposit from the UAE authorities.
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.
AlhamdoLilah!
— Ishaq Dar (@MIshaqDar50) April 14, 2023
“This bilateral support from the UAE is a welcome development for Pakistan and will help to strengthen our economy,” Dar said in the statement.
The finance minister did not provide any further details on the terms or conditions of the financial support, but said that it would be a significant boost to Pakistan’s economic growth and stability.
Minutes later, Dar posted another Tweet, saying out of Chinese Bank’s ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan), State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million. It will shore up forex reserves of Pakistan.Â
Out of Chinese Bank’s #ICBC approved facility of $1.3 billion (which was earlier repaid by Pakistan), State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million.
It will shore up forex reserves of Pakistan.
AlhamdoLilah!— Ishaq Dar (@MIshaqDar50) April 14, 2023
Also read: Pakistan’s debt sustainable, $1.1 billion bailout awaited, says IMF
The statement by Ishaq Dar came hours after Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva has said that Pakistan’s debt remains manageable, and that Pakistan can avoid reaching unsustainable debt positions faced by other countries such as Sri Lanka.
