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Finance Minister Ishaq Dar announced on Wednesday that Pakistan had received $1 billion from the United Arab Emirates, saying that the funds would boost the country’s foreign exchange reserves.
“We received the confirmation some time ago that our brother country, our friend, the UAE has deposited $1bn to the State Bank’s account. The Federal Reserves Bank has confirmed that this amount has been credited to the [SBP’s] account,” he said in a video message broadcast live on television.
The minister’s announcement came a day after Saudi Arabia deposited $2bn with the central bank and just hours before a crucial meeting of the International Monetary Fund’s (IMF) executive board that Pakistan hopes would approve a $3bn standby arrangementagreed last month.
The UAE had confirmed its commitment to the IMF for its bilateral financial support of $1bn to Pakistan in April after the global lender had made the release of funds under a bailout programme, which expired in June with $2.5bn pending under it and as the Fund and Islamabad agreed on a new standby arrangement.
Similarly, Riyadh too had pledged the funds it released yesterday in April, but had held off depositing the money with the SBP until it was sure that the now-expired IMF bailout package would be forthcoming.
In his address today, Dar said funds received from Saudi Arabia and the UAE this week had collectively “increased the country’s reserves by $3bn in two days”.
This would reflect in the weekly update of foreign exchange reserves due to be issued on July 14, he added.
The minister expressed gratitude to the UAE leadership on behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff Gen Asim Munir and the Pakistani nation for proving to be a friend, as always, especially when the country was facing difficult times.
He further said the UAE had assured PM Shehbaz during his recent short trip there of depositing the promised funds soon. “They gave similar messages to me and the army chief as well.”
After Saudi Arabia, Pakistan receives $1bn from UAE: Ishaq Dar
Finance minister says funds will boost country's foreign exchange reserves.
www.dawn.com
