https://sputniknews.in/20230414/uae-meets-key-imf-demand-to-release-funds-to-islamabad-pakistan-fm-1536700.html
UAE Meets Key IMF Demand to Release Funds to Islamabad: Pakistan FM
UAE Meets Key IMF Demand to Release Funds to Islamabad: Pakistan FM
Sputnik India
Pakistan is currently experiencing one of its worst economic crises, with forex reserves dwindling to alarming levels.
2023-04-14T14:00+0530
2023-04-14T14:00+0530
2023-04-14T14:00+0530
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Pledging $1 billion in financial support to Islamabad, the UAE has fulfilled one of the core demands of the International Monetary Fund (IMF), Pakistan Finance Minister Ishaq Dar said on Friday. The development is important, given that the global lender had sought assurances from Pakistan's allies for the disbursal of $1.1 billion in fresh funds to the cash-strapped Asian nation.Talks between the multilateral agency and the Pakistan government have remained stalled since November over fiscal policy issues.However, on Thursday, IMF Managing Director Kristalina Georgieva expressed optimism that the two parties would soon agree on the financial package.Additionally, she asked nations that have friendly relations with Islamabad to provide financial guarantees so that the IMF could release funds to Pakistan.Earlier on Wednesday, Pakistan Finance Ministry said that the country had met "all the international obligations" set by the IMF and it was expecting the Washington-headquartered lender to ink the deal soon. The country's central bank argued that the IMF's package is vital for Pakistan, given it has only $4.03 billion in foreign reserves. The amount is barely enough to sustain four weeks of imports.
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UAE Meets Key IMF Demand to Release Funds to Islamabad: Pakistan FM
Pakistan is currently experiencing one of its worst economic crises, with forex reserves dwindling to alarming levels.
Pledging $1 billion in financial support to Islamabad, the UAE has fulfilled one of the core demands of the International Monetary Fund (IMF), Pakistan Finance Minister Ishaq Dar said on Friday.
"UAE authorities have confirmed to IMF for their bilateral support of US $1 billion to Pakistan," he stated on Twitter.
The development is important, given that the global lender had sought assurances from Pakistan's allies for the disbursal of $1.1 billion in fresh funds to the cash-strapped Asian nation.
Talks between the multilateral agency and the Pakistan government have remained stalled since November over fiscal policy issues.
However, on Thursday, IMF Managing Director Kristalina Georgieva expressed optimism that the two parties would soon agree on the financial package.
Additionally, she asked nations that have friendly relations with Islamabad to provide financial guarantees so that the IMF could release funds to Pakistan.
Earlier on Wednesday, Pakistan Finance Ministry said that the country had met "all the international obligations" set by the IMF and it was expecting the Washington-headquartered lender to ink the deal soon.
The country's central bank argued that the IMF's package is vital for Pakistan, given it has only $4.03 billion in foreign reserves. The amount is barely enough to sustain four weeks of imports.
