Good news for cash-strapped Pakistan, as the United Arab Emirates (UAE) is likely to give written assurance to Islamabad for external financing of $1 billion this week, sources said. Islamabad has been negotiating with the IMF since the end of January for the release of $1.1 billion from a $6.5 billion bailout package agreed upon in 2019.

The International Monetary Fund (IMF) had demanded of the Pakistani government to get a written guarantee from the friendly countries for the deposit to unlock the stalled loan programme. The development follows after Finance Minister Ishaq Dar specially requested UAE authorities for assurance, the source said. They further say the finance secretary will brief the IMF officials during a meeting with them in Washington.

On April 6, it was reported that the International Monetary Fund (IMF) confirmed that it has received confirmation from Saudi Arabia on $2 billion in additional deposits to Pakistan. They further said that the Saudi authorities are all set to make a public announcement, probably during the upcoming visit of Prime Minister Shehbaz Sharif to the kingdom.

Credit : Independent News Pakistan-INP