UAE confirms IMF about $1B financing to Pakistan

Islamabad: United Arab Emirates (UAE) authorities Friday confirmed International Monetary Fund (IMF) for their bilateral support of one billion US dollar to Pakistan, federal Finance Minister Ishaq Dar updated about the ninth review of IMF program.

Ishaq Dar turned to Twitter and wrote that State Bank of Pakistan (SBP) is now engaged for needful documentation for taking the said deposit from 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

Earlier on Wednesday it was stated that a written guarantee was likely to be received from UAE this week for the financing of one billion dollar.

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 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.