Banking & Finance Pakistan gets IMF aid as UAE deposits $1bn in central bank By Pramod Kumar July 13, 2023 Reuters/Johannes Christo Various economic targets were eased and waivers for non-observance were in place for Argentina, the IMF said The UAE has deposited $1 billion in Pakistan’s central bank, finance minister Ishaq Dar said. “This inflow has further increased forex reserves held by State Bank of Pakistan and will accordingly be reflected in the forex reserves position for the week ending,” he said in a tweet. Saudi Arabia deposits $2bn in Pakistan’s central bank How Middle East banks can bridge the financial divide The announcement comes after Saudi Arabia deposited $2 billion in the State Bank of Pakistan on Tuesday. The UAE had confirmed financial support of $1 billion to Pakistan, which was crucial to remove a key hurdle in securing the International Monetary Fund bailout last August. Pakistani news outlet Dawn reported that In a televised address, Dar said funds received from Saudi Arabia and the UAE this week collectively increased the reserves by $3 billion in two days. Elsewhere, the IMF’s board approved a $3 billion bailout programme for Pakistan and will immediately disburse the first tranche of $1.2 billion. The IMF reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement last month.