Finance Minister Ishaq Dar announced on Wednesday that the United Arab Emirates (UAE) has deposited $1 billion in Pakistan's central bank, providing a significant boost to the country's depleting foreign exchange reserves.
This deposit follows the previous $2 billion from Saudi Arabia, resulting in a total increase of $3 billion in reserves. Minister Dar confirmed the deposit in a video message, stating that the improved reserves position will be reflected on July 14. These inflows were committed by the UAE and Saudi Arabia earlier this year and were crucial for securing financing assurances required by the International Monetary Fund (IMF) for Pakistan's ninth review.
Although the ninth review was unsuccessful, the government obtained staff-level approval for a new nine-month $3 billion Stand-By Arrangement (SBA). The IMF Executive Board is expected to discuss Pakistan's SBA agenda on July 12.
This deposit follows the previous $2 billion from Saudi Arabia, resulting in a total increase of $3 billion in reserves. Minister Dar confirmed the deposit in a video message, stating that the improved reserves position will be reflected on July 14. These inflows were committed by the UAE and Saudi Arabia earlier this year and were crucial for securing financing assurances required by the International Monetary Fund (IMF) for Pakistan's ninth review.
Although the ninth review was unsuccessful, the government obtained staff-level approval for a new nine-month $3 billion Stand-By Arrangement (SBA). The IMF Executive Board is expected to discuss Pakistan's SBA agenda on July 12.