ISLAMABAD – Finance Minister Ishaq Dar on Wednesday announced that the United Arab Emirates has deposited $1 billion with the State Bank of Pakistan (SBP)
“The Federal Reserves Bank has confirmed that this amount has been credited to the [SBP’s] account,” Dar said during a live broadcast, adding that these funds are crucial for securing the IMF deal as the global lender had conditioned the release of loan with the deposition of funds by countries including the UAE, Saudi Arabia, and China.
He hoped it would boost the country’s foreign exchange reserves.
The minister also extended his gratitude to the UAE’s government on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff Gen Asim Munir.
The minister’s announcement comes a day after Saudi Arabia deposited $2bn with the central bank and just hours before a crucial meeting of the International Monetary Fund’s executive board that Pakistan hopes would approve a $3bn standby arrangement agreed last month.
