UAE confirms IMF to provide $1bn to Pakistan

April 14, 2023 (MLN): Pakistan is inching closer to unlock the IMF deal as the United Arab Emirates (UAE) authorities have confirmed to the International Monetary Fund (IMF) their bilateral support of $1 billion to Pakistan, Federal Minister for Finance and Revenue Senator Ishaq Dar informed through his official Twitter. 

The State Bank of Pakistan (SBP) is now engaged for needful documentation for taking the said deposit from UAE authorities, he added. 

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

On Wednesday, well-informed sources told that UAE to provide a written guarantee for $1bn in financing this week as the matters have been finalized for the financing.

Cash-strapped Pakistan is in dire need of funding therefore, Finance Minister Ishaq Dar made a special request to the UAE authorities for timely support to unlock the IMF deal. 

To release the next tranche of loans to the crisis-hit country, the IMF has laid forth key demands, which include assurances from friendly nations.

The IMF requires friendly nations to fulfill their pledges to fund Pakistan before finalizing the $6.5bn bailout program which led to a delay in talks between Pakistan and the IMF to resume the program.

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