Pakistan receives $1 billion from UAE
KARACHI, Pakistan (AA): Pakistan on Wednesday received $1 billion in financial assistance from the United Arab Emirates (UAE).
Pakistan’s Finance Minister Ishaq Dar, in a televised speech said that the financial assistance – second in two days – will help “resolve” the country’s foreign reserves problem.
On Tuesday, Pakistan received $2 billion from Saudi Arabia, days after Islamabad and the International Monetary Fund (MF) struck a $3 billion standby agreement.
The fresh transfers from the two longtime allies, according to Dar, have dismissed the long-running speculations about Islamabad’s default.
On June 30, Pakistan signed a nine-month IMF agreement under a standby arrangement for $3 billion.
The deal will help shore up the South Asian country’s depleting foreign reserves and contain a balance of payment crisis.
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