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Pakistan gets IMF aid as UAE deposits $1bn in central bank

Logo, Person, Man Reuters/Johannes Christo
Egypt vowed to adopt a flexible exchange rate when it reached the loan agreement with the IMF late last year

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.

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.

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