Pakistan May Get $1 Billion Funding Confirmation From UAE This Week
According to knowledgeable sources cited by ProPakistani, Pakistan is anticipating confirmation from the United Arab Emirates of a $1 billion cash guarantee this week, which would allow for an early signature of its bailout agreement with the International Monetary Fund (IMF).
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Ishaq Dar, the South Asian country’s finance minister, has previously made a specific request to the UAE’s authorities to set up the $1 billion guarantee for the country’s struggling economy.
This week during the 2023 spring meetings of the World Bank Group and IMF, the secretary of the Finance Ministry will go through specifics with the lender.
Officials from the Finance Ministry have stated that all necessary procedures have been followed in order to get $1 billion in external financing from the UAE. Following confirmation of all details from UAE to Pakistani officials, they continued, the IMF will obtain a written guarantee.
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Relevantly, the Prime Minister’s Office has requested assistance from friendly nations in order to meet the IMF requirements.
The Pakistani government and the Washington-based lender have been negotiating since January to release $1.1 billion from the $6.5 billion Extended Fund Facility (EFF) that was agreed upon in 2019. The agreement has been postponed by the IMF until all assurances of extra funding from friendly countries are verified.
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Saudi Arabia approved Pakistan’s request for $2 billion in financial support last week.
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