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UAE confirms to IMF its $1bn bilateral support to Pakistan, says Dar

  • Finance minister says SBP now engaged with authorities over the required documentation
Published April 14, 2023

In a major development towards revival of the stalled bailout programme, United Arab Emirates (UAE) authorities have assured the International Monetary Fund (IMF) that they will provide $1 billion as bilateral support to Pakistan, said Finance Minister Ishaq Dar.

“UAE authorities have confirmed to IMF for their bilateral support of $1 billion to Pakistan,” Dar tweeted on Friday.

“The State Bank of Pakistan (SBP) is now engaged for needful documentation for taking the said deposit from UAE authorities,” he added.

Pakistan was required to give an assurance that its balance of payments deficit is fully financed for the remaining period of the IMF programme that has been stalled since November last year.

“Timely financial assistance from external partners will be critical to support the authorities’ policy efforts and ensure the successful completion of the review [with Pakistan],” Julie Kozack, the IMF’s Director of Strategic Communications, stated last month.

“Ensuring that there is sufficient financing to support the authorities is the paramount priority. A Staff Level Agreement (SLA) will follow once the few remaining points are closed,” she said.

Earlier this month, Saudi Arabia had assured the IMF it will provide a $2 billion loan to the South Asian country, according to Pakistan’s Minister of State for Finance Aisha Ghaus Pasha.

Months of political and economic turmoil, worsened by crippling floods last year and record inflation, has put Pakistan among countries facing a debt crisis.

Amid the situation, China agreed to refinance $2 billion, of which $1.7 billion has already been credited to Pakistan’s central bank. China last month also rolled over a $2 billion loan, providing relief during Pakistan’s acute balance of payments crisis.

But talks with the IMF for a delayed $1.1 billion loan tranche, part of the bailout agreed in 2019, have dragged on and foreign exchange reserves have fallen to less than four weeks of imports.


Comments are closed.

Tulukan Mairandi Apr 14, 2023 11:33am
I need not say what Pakistan has given up for this $1 billion assurance. As a starter, free land in Balochistan, military men in Yemen, and even humans as guineapigs for medical and biological trials in UAE for their space and medical programs.
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Salman Apr 14, 2023 11:47am
Dar sb's and his team's perseverance has borne fruit. I hope he can find the political will to implement much-needed reforms on retail, agriculture, and tax base increase, so everyone gives their fair share to the treasury.
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Parvez Apr 14, 2023 12:00pm
Dar says this.....but has UAE said this ?
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Maqbool Apr 14, 2023 12:11pm
What were the terms of these loans ? I presume our Elected representatives will stay mute on that. UAE visas for all
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Nadeem Apr 14, 2023 12:12pm
Tulukan Mairandi, your source of info ? WhatsApp ??
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Subhan Irfan Apr 14, 2023 12:50pm
Masha Allah
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Joe Apr 14, 2023 12:55pm
DAR has zero credibility! Period!
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Mian M N Shite Apr 14, 2023 01:33pm
A beggar rejoicing at alms being promised.
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Abdullah Apr 14, 2023 01:35pm
Uae should not give us a dollar till Dar is forced to tax the rich .IMF should force pakistani govt to tax the rich .they should pay there share.
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Dard e Disco Apr 14, 2023 01:50pm
Congratulations to Dar, PDM and all stakeholders involved...your biggest achievement is receiving $1bn by begging, pleading, crying and tantruming - this indeed is news to celebrate...bgging can get you anything if you have no self worth! well done crooks
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M Saleem Apr 14, 2023 02:54pm
I am Proud To Askari Bank
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Pakistani1 Apr 14, 2023 04:16pm
Dar is lost creditability by saying Soon too many times. Let IMF confirm that it is ready. Mr. Dar focus on doing good for the country and reduce expenses of the government.
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Az_Iz Apr 14, 2023 05:00pm
Country getting by with loans and ‘support’ from brotherly countries. What a shame. When will the country raise its own revenues, so it does not have to run around seeking support.
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Az_Iz Apr 14, 2023 05:02pm
Other countries are focused on doubling their per capita income in the shortest period possible. These guys are focused on averting default, again and again. Each time, they take a victory lap.
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Az_Iz Apr 14, 2023 05:06pm
Makes sense to seek supply sometimes. But it is disgusting to keep hearing these guys say, ‘seeking support’ , again and again.
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Musharaf Hussain Apr 14, 2023 10:54pm
Help me
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Musharaf Hussain Apr 14, 2023 10:54pm
Help me
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Syed muhammad prrvaiz Apr 15, 2023 12:03am
My request is to Pm shabaz sharif please think about eobi pensioner who are waiting your poromis to increase pension amount from 8500 to 150000 we will thnk to you
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Asim Apr 15, 2023 02:29am
@Joe, very a matter of fact...the entire compromised leadership has transformed Pakistan into a begging state...a client pleade their masters!
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KhanRA Apr 15, 2023 11:55pm
He speaks like this is an accomplishment to be proud of!
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