Guarantee of UAE $1B financing likely to be received this week

Islamabad: A written guarantee is likely to be received from the United Arab Emirates (UAE) this week for the financing of one billion dollar, GNN reported.

According to the sources, the Secretary of the Ministry of Finance will inform International Monetary Fund (IMF) in this regard during the annual meetings in Washington.

Sources in the Ministry of Finance stated that matters have been finalized for the financing of one billion dollars from the UAE and as soon as the guarantee is received from the authorities, IMF will also get a written guarantee.

It is also said that the Prime Minister's Office and the Finance Minister had requested IMF regarding financing.

It is pertinent to note that IMF had asked Pakistan to get written guarantee for financing. Kingdom of Saudi Arabia had already confirmed with IMF regarding the financing of $2 billion. At the same time, China has also confirmed the rollover of two billion dollars and $1.1 billion of commercial financing.