The timing could not be better as the authorities in the UAE have assured the International Monetary Fund that it will provide $1 billion to Pakistan as bilateral support, hours after IMF managing director said in Washington that the Fund was seeking financial assurances from Pakistan’s fund to complete the loan revival programme. The fresh UAE assurance was confirmed by Federal Minister for Finance and Revenue Senator Ishaq Dar on Friday. In a post uploaded on Twitter, Ishaq Dar said “UAE authorities have confirmed to IMF for their bilateral support of $1 billion to Pakistan.”

The minister further said “The State Bank of Pakistan (SBP) is now engaged for needful documentation for taking the said deposit from UAE authorities.” Addressing a news conference in Washington on Thursday, IMD Managing Director Kristalina Georgieva expressed the hope that Pakistan will successfully complete the current loan programme and not face the same situation as Sri Lanka and Ghana.

The IMF and Pakistani officials, she said, were also discussing how to support Pakistan “in terms of providing financial assurances so we can complete the programme”. She also said that the IMF is in discussions with friendly countries of Pakistan to provide financial assurances to complete the programme, expressing hope that with everyone’s goodwill and the implementation of what has been agreed upon by Pakistani authorities, the current programme can be completed successfully.

Credit: Independent News Pakistan-INP