Pakistan is inching closer to secure the International Monetary Fund (IMF) deal as the United Arab Emirates (UAE) has confirmed its commitment to the lender for its bilateral financial support of $1 billion for Pakistan.
Finance Minister Ishaq Dar confirmed the news on his twitter handle while giving a fresh update on the 9th review of the IMF programme.
“UAE authorities have confirmed to IMF for their bilateral support of US $ One billion to Pakistan,” said Ishaq Dar in his tweet.
“State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities,” he added to his tweet while expressing gratitude for the Almighty on the development.
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
In another tweet, he said out of Chinese Bank’s ICBC approved facility of $1.3 billion, which was earlier repaid by Pakistan, the State Bank of Pakistan would receive back third and last disbursement today in its account amounting to $ 300 million.
He said forex reserves of Pakistan would shore up once it received these amounts.
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
A day earlier, the International Monetary Fund (IMF) expressed optimism on reaching a staff-level agreement (SLA) with Pakistan soon.
“My hope is that with the goodwill of everyone, with the implementation of what has been already agreed by the Pakistani authorities, we can complete our current programme successfully,” IMF Managing Director Kristalina Georgieva said at a news briefing in Washington on Thursday.
To a query about IMF-Pakistan talks for the revival of the 2109 loan package, Georgieva said: “We have been working very hard with the authorities in Pakistan within the context of our current programme to make sure that Pakistan has the policy framework that makes it possible to avoid what you are talking about.”
