Pakistan gets $1 billion from UAE

ISLAMABAD: The State Bank of Pakistan (SBP) has received  $1 billion from the United Arab Emirates (UAE), Finance Minister Ishaq Dar confirmed on Wednesday. 

“State Bank of Pakistan (SBP) has received today a deposit of $1 billion from the United Arab Emirates,” Dar wrote in a tweet.

“This inflow has further increased forex reserves held by SBP and will accordingly be reflected in the forex reserves position for the week ending 14 July 2023.”

State Bank of Pakistan (SBP) has received today a deposit of $1 billion from United Arab Emirates. This inflow has further increased forex reserves held by SBP and will accordingly be reflected in the forex reserves position for the week ending 14July2023.

— Ishaq Dar (@MIshaqDar50) July 12, 2023

The minister, in a televised video message, said that the development was confirmed on Tuesday. 

He continued by saying that in the past two days, the country’s foreign reserves have increased to $3 billion. 

“The Federal Reserves Bank (of the UAE) has confirmed that this amount has been credited to the [SBP’s] account,” he added.

The financial help from the UAE comes just hours before the International Monetary Fund (IMF)’s executive board meeting regarding the approval of the $3billion standby arrangement.

On June 29, the IMF and Pakistan reached a stand-by arrangement to help Pakistan overcome its financial crisis including external payment issues.