UAE Confirms USD One Billion Support for Pakistan: Finance Minister

Ishaq Dar, Pakistan's finance minister, tweeted that the United Arab Emirates has given its confirmation to the IMF on their bilateral help of $1 billion for Pakistan. He continued, "State Bank of Pakistan is currently working on the necessary papers for accepting the abovementioned deposit from UAE authorities.

 This comes after Dar postponed his visit to Washington last week in order to avoid increasing hopes for debt relief in the upcoming days at the IMF-World Bank meetings. His post implies that new money will be arriving in Pakistan in the upcoming weeks. The IMF's managing director Kristalina Georgieva noted that Pakistan's debt is still manageable at a news conference in Washington on Thursday after the government underlined that it has satisfied all prerequisites to be granted a loan by the IMF.

Also Read: Pakistan to Receive Saudi Financial Support worth $2bn

It is pertinent to mention here that Pakistan's foreign exchange reserves are less than a month's worth, and it is currently waiting on an IMF bailout package worth $1.1 billion that has been put off since November because of problems with its fiscal policy. Pakistan must guarantee that its balance of payments deficit is fully covered for the fiscal year ending in June in order to release the next tranche of IMF funding. In addition to the UAE cash, Pakistan expects to get foreign funding from Saudi Arabia, Qatar, and some notable multilateral lending organizations aside from the IMF.