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ISLAMABAD, April 14 (Reuters) – The United Arab Emirates has confirmed to the International Monetary Fund that it will provide $1 billion in support to Pakistan, the South Asian nation’s finance minister said on Friday.
The pledge is one of the requirements the fund says it needs to move forward with a months-long delayed bailout to shore up the country’s struggling economy.
“The State Bank of Pakistan is now working on preparing the necessary documents to withdraw the above deposit from the UAE authorities,” Pakistani Finance Minister Ishaq Dar tweeted.
International Monetary Fund General Manager Kristalina Georgieva says The day before, the fund was also negotiating with friendly countries in Pakistan to provide financial guarantees so that it could complete the plan.
saudi arabia last week It also told the IMF that it would provide $2 billion in financing to Pakistan.
Pakistan has less than a month’s reserves, awaits $1.1 billion bailout from Pakistan
IMF Delayed Since November Over Related Issues
Fiscal policy adjustments. The fund also said it needed to ensure that the balance of payments deficit was fully financed in the fiscal year to June.
Reporting by Gibran Naiyyar Peshimam, writing by Shilpa Jamkhandikar; Editing by Sudipto Ganguly
Our standards: Thomson Reuters Trust Principles.
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