The timing of these deposits is noteworthy, as it coincides with an important meeting of the International Monetary Fund's executive board.
Islamabad: Finance Minister Ishaq Dar made an official declaration on Wednesday, revealing that the State Bank of Pakistan (SBP) received a deposit of $1 billion from the United Arab Emirates.
This significant financial boost is expected to enhance Pakistan's reserves.
On behalf of
— Ishaq Dar (@MIshaqDar50) July 12, 2023
PM @CMShehbaz,
COAS @_GenAsimMunir, myself @MIshaqDar50 and the People of Pakistan,
I extend our heartfelt thanks to the leadership of United Arab Emirates for their great gesture and support by placing said deposit of $1 billion with State Bank of Pakistan!
This announcement follows Saudi Arabia's deposit of $2 billion into the central bank, which took place a day earlier. The timing of these deposits is noteworthy, as it coincides with an important meeting of the International Monetary Fund's executive board.
Pakistan is hopeful that this meeting will result in the approval of a $3 billion standby arrangement, which was agreed upon last month.
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