According to Prime Minister Shehbaz Sharif, Pakistan will receive a $1 billion deposit from the United Arab Emirates within the next day or two.
The prime minister made the remarks while speaking at the Pharma Export Summit and Awards (PESA-2023) in Islamabad today.
He also expressed hope that the new $3 billion bailout facility will be approved by the International Monetary Fund’s (IMF) Executive Board at today’s vote.
The prime minister credited Chief of Army Staff Asim Munir for the Kingdom of Saudi Arabia’s $2 billion deposit with the State Bank of Pakistan (SBP), saying it happened “purely due to his untiring efforts.”
The UAE’s deposit coincides with events that occurred in April, when the Middle Eastern nation officially pledged $1 billion in financial support to Pakistan, a crucial step toward securing a long-awaited bailout from the IMF.
In theory, the IMF required the UAE’s commitment as one of the last conditions before approving a bailout for Pakistan to deal with its severe balance of payments crisis.
The plan is for the UAE government to wire $1 billion to SBP in the coming days after the IMF votes to release the funds in a meeting today.
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