Progress in restoration of programme as Saudi Arabia, UAE inform IMF about US$3 financing to Pakistan

ISLAMABAD (92 News) - A progress was made in the restoration of the programme as Saudi Arabia and the United Arab Emirates (UAE) informed the International Monetary Fund (IMF) about the financing of US$3 billion to Pakistan.

Sources said that after Eid, an agreement to provide additional deposits of US$2 billion is expected from Saudi Arabia. Saudi Arabia has already made deposits of more than US$3 billion for one year that matured on December 5, 2022.

These US$3 billion deposits are part of the US$4.43 billion foreign exchange reserves lying with the State Bank of Pakistan.

It has been confirmed that Saudi Arabia has given US$2 billion to Pakistan while the UAE has given US$1 billion to Pakistan.

Finance Minister Ishaq Dar said that all conditions of the staff level agreement between Pakistan and IMF have been fulfilled. It is hoped that the IMF staff level agreement will be approved by the Executive Board soon.