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.”


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.

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