The UAE government has confirmed its support for Pakistan by providing them with one billion US dollars, according to a tweet by Dar. He also stated that the State Bank of Pakistan is currently working on receiving the necessary documents to obtain the deposit from the UAE authorities. In addition, Dar announced that the Social Investment Bank will receive their third and final installment of $300 million from ICBC, out of their $1.3 billion loan. Another tweet by Dar stated that Pakistan has received a total amount of $1.3 billion from the approved facility of the Chinese Commercial Bank of China, with the State Bank of Pakistan now receiving the final payment of $300 million. These bailout funds from the International Monetary Fund are crucial for Pakistan as they work towards preventing defaulting on their debts.
“The UAE authorities have confirmed to the International Monetary Fund their support of one billion US dollars for Pakistan,” Dar wrote in a tweet on the social networking site Twitter, according to what was reported by the Pakistani newspaper Dawn, today, Friday.
He added that the State Bank of Pakistan “is now working to obtain the necessary documents to receive the aforementioned deposit from the UAE authorities.”
Separately, Dar announced that the Social Investment Bank will also receive today the third and final installment from ICBC of $300 million, out of its $1.3 billion loan.
In another tweet, he said, “Today, the State Bank of Pakistan will receive a third and final payment into its account of $300 million from the approved facility of the Chinese Commercial Bank of China amounting to $1.3 billion (which was paid earlier by Pakistan).”
It is worth noting that bailout funds from the International Monetary Fund constitute an economic lifeline for Pakistan, which is racing against time to avoid defaulting on its debts.
In conclusion, the news of UAE’s support of one billion US dollars for Pakistan and the receipt of the final installment from ICBC of $300 million will provide a much-needed boost to the country’s struggling economy. The International Monetary Fund’s bailout funds have been crucial for Pakistan, and these recent developments could help the country avoid defaulting on its debts. It remains to be seen how these funds will be utilized and how effective they will be in stabilizing the economy in the long run, but for now, it is a positive step forward for Pakistan.