Finance Minister Ishaq Dar has said that Pakistan has received $1 billion from the United Arab Emirates (UAE) as part of its financial commitment to help Pakistan secure the International Monetary Fund (IMF) bailout package.
“We have received $1 billion from the UAE. The UAE has deposited the amount into the State Bank account,” the finance minister announced in a video statement.
He said the UAE has demonstrated friendship after providing the funds. He vowed that Pakistan will not default on debt payments.
Later in a tweet, Dar said the inflow from the UAE has further increased the country’s foreign exchange reserves held by the SBP “and will accordingly be reflected in the forex reserves position for the week ending 14 July 2023”.
On behalf of PM Shehbaz Sharif, Army Chief General Asim Munir and the people of Pakistan, the federal minister extended “heartfelt thanks to the leadership of United Arab Emirates for their great gesture and support by placing said deposit of $1 billion with State Bank of Pakistan.”
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
A day earlier Finance Minister Ishaq Dar said the Saudi Arabia has deposited $2 billion with State Bank of Pakistan (SBP), increasing the total foreign exchange reserves to around $11.7 billion.
“Our brotherly country Saudi Arabia had made an announcement recently that it would deposit its $2 billion with State Bank of Pakistan. They have placed the deposits and the amount has been credited to SBP,” the minister said at a press conference.
He said, this would be a straight away increase in the country’s foreign exchange reserves that stood at around $9.7 billion. He added the new position of exchange reserves would be reflected from coming Friday.
The Minister on behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff General Asim Munir, and the nation thanked Saudi leadership particularly King Salman and Crown Prince Muhammad Bin Salman for their support.
He said Saudi Arabia has been playing role of a brother for Pakistan and stands with it at every occasion.
