ISLAMABAD – Finance Minister Ishaq Dar announced that Pakistan would receive $1 billion in support from the United Arab Emirates (UAE), and that the UAE authorities had notified the International Monetary Fund (IMF) of their plans.
This move would help unlock the critical $1.1 billion loan tranche from the IMF as the Fund was securing confirmation from other international partners to meet Pakistan's financing gap requirements.
Dar revealed the news on Twitter and added that the State Bank of Pakistan was now preparing the necessary documentation for the deposit from the UAE authorities.
IMF program — 9th Review Update:
— Ishaq Dar (@MIshaqDar50) April 14, 2023
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!
Last week, the IMF confirmed Saudi Arabia's $2 billion deposit to Pakistan. The UAE's $1 billion and Saudi Arabia's $2 billion in external financing support were among the final conditions for an IMF deal that Islamabad needs to avert a default.
With less than a month's worth of foreign exchange reserves, Pakistan is awaiting a $1.1 billion IMF bailout package that has been delayed since November due to fiscal policy adjustment issues.
IMF Managing Director Kristalina Georgieva said on Thursday that Pakistan had not yet reached the default level but required a sustainable policy framework to avert such risks. She expressed hope that with the goodwill of all parties and the implementation of what had been agreed by the Pakistani authorities, the current program would be successfully completed.
Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.
Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.
UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 277.5 | 280.5 |
Euro | EUR | 293 | 296 |
UK Pound Sterling | GBP | 342.5 | 346 |
U.A.E Dirham | AED | 75.2 | 75.9 |
Saudi Riyal | SAR | 73.3 | 74.05 |
Australian Dollar | AUD | 181 | 182.8 |
Bahrain Dinar | BHD | 740.55 | 748.55 |
Canadian Dollar | CAD | 201 | 203 |
China Yuan | CNY | 38.47 | 38.87 |
Danish Krone | DKK | 39.78 | 40.18 |
Hong Kong Dollar | HKD | 35.53 | 35.88 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 903.11 | 912.11 |
Malaysian Ringgit | MYR | 58.08 | 58.68 |
New Zealand Dollar | NZD | 164.22 | 166.22 |
Norwegians Krone | NOK | 25.61 | 25.91 |
Omani Riyal | OMR | 723.2 | 731.2 |
Qatari Riyal | QAR | 76.45 | 77.15 |
Singapore Dollar | SGD | 204.5 | 206.5 |
Swedish Korona | SEK | 25.31 | 25.61 |
Swiss Franc | CHF | 305.47 | 307.97 |
Thai Bhat | THB | 7.56 | 7.71 |
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