State Bank receives $300m from China
Finance Minister Ishaq Dar said on Friday that the United Arab Emirates has confirmed its commitment to the International Monetary Fund for its bilateral financial support of $1 billion to Pakistan, bringing the country one step closer to securing a deal with the lender which is critical for avoiding default.
“UAE authorities have confirmed to IMF for their bilateral support of US $1 billion to Pakistan,” Dar said in a tweet.
He added that the State Bank of Pakistan was now “engaged for needful documentation for taking the said deposit from UAE authorities”.
Meanwhile, the country’s foreign exchange reserves were increased after Pakistan received $300 million from China on Friday.
The State Bank of Pakistan has received the third and last disbursement on Friday in its account amounting to $300 million from the Industrial and Commercial Bank of China.
