‘UAE has confirmed to IMF its support of $1 billion to Pakistan’
ISTANBUL (AA) – The United Arab Emirates (UAE) has confirmed to IMF its support of $1 billion to Pakistan, the Pakistani finance minister has claimed.
“State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities,” Ishaq Dar tweeted.
The minister also claimed that the central bank was also about to receive the third and last disbursement, worth $300 million, from Chinese ICBC Bank as part of the approved facility of $1.3 billion.
“It will help shore up forex reserves of Pakistan,” Dar added.
Pakistan’s foreign exchange reserves have fallen to around $4 billion. It is in the throes of a deep economic crisis that has led to record levels of inflation and poverty.
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