ISLAMABAD: The United Arab Emirates (UAE) has confirmed to the International Monetary Fund (IMF) to provide $1 billion to Pakistan in bilateral support, finance minister said on Friday.
The Minister for Finance and Revenue Ishaq Dar wrote on Twitter, “State Bank of Pakistan 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
The IMF said on Thursday it hopes to complete its current programme with Pakistan successfully.
“My hope is that with the goodwill of everyone, with the implementation of what has been already agreed by the Pakistani authorities, we can complete our current programme successfully,” the fund’s Managing Director Kristalina Georgieva said at a news conference in Washington on Thursday, after Pakistan reiterated it had completed all requirements to receive a critical bailout from the IMF.
With less than a month’s worth of foreign reserves left, Pakistan awaits a bailout package of $1.1 billion from the global lender that has been delayed since November over issues linked to fiscal policy adjustments. Since early February, Islamabad has been in talks with the IMF to revive the $7 billon bailout programme and secure a $1.1 billion tranche. When finalised, the deal is expected to unlock funds from other donors waiting for an endorsement from the IMF.
