ISLAMABAD: After recently announcing the news of a $2bn inflow from Saudi Arabia, Finance Minister Ishaq Dar said on Wednesday that the United Arab Emirates (UAE) has deposited $1 billion with the State Bank of Pakistan (SBP), adding that the recent addition would assist in further boosting the foreign exchange reserves of the country.
In his video message broadcasted on mainstream media, the finance minister announced that the country received the confirmation some time ago, and no “our brother country, our friend, the UAE has deposited $1bn in the State Bank’s account.”
Meanwhile, Ishaq Dar also shared the news via his Twitter handle.
State Bank of Pakistan (SBP) has received today a deposit of $1 billion from United Arab Emirates. This inflow has further increased forex reserves held by SBP and will accordingly be reflected in the forex reserves position for the week ending 14July2023.
— Ishaq Dar (@MIshaqDar50) July 12, 2023
Funds from UAE, Saudi Arabia
The announcement comes a day after Saudi Arabia deposited $2bn with the central bank and just hours before an important meeting of the International Monetary Fund’s (IMF) executive board that Pakistan hopes would approve a $3bn standby arrangement agreed last month (30 June).
Grateful to my dear brother, H.H. @MohamedBinZayed President of the UAE, for the deposit of $1 billion with the State Bank of Pakistan. As a time-tested friend & brotherly country, the UAE has always come forward to support Pakistan. We deeply acknowledge this kind gesture &… pic.twitter.com/WulEbdsAdi
— Government of Pakistan (@GovtofPakistan) July 12, 2023
Earlier in April, the UAE had confirmed its commitment to the IMF for its bilateral financial support of $1bn to Pakistan, when Islamabad was negotiating to revive its loan programme with the international lending agency.
Meanwhile, Saudi Arabia also fulfilled its promise yesterday, being made in April, to deposit $2 billion dollars in the SBP.
