Pakistan’s finance minister says the United Arab Emirates (UAE) has informed the International Monetary Fund (IMF) that it will provide financial support of $1bn to crisis-hit Pakistan.
Ishaq Dar made the announcement on Friday
This paves the way for Pakistan to secure a crucial bailout package from the IMF amid an economic meltdown.
“UAE authorities have confirmed to IMF for their bilateral support of US $ One billion to Pakistan.
"State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities," Dar said.
Pakistan is struggling to unlock a $1.1bn tranche from the IMF that has been delayed since November last year.
And a 10-day visit by the lender’s delegation in January failed to break the deadlock, mainly over fiscal policy adjustments.
The IMF says it needs assurance from Pakistan that its balance of payments deficit is fully financed for the financial year ending in June.
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