Pakistan Receives $1 Billion from UAE

Finance Minister Ishaq Dar Wednesday announced that United Arab Emirates (UAE) has deposited an amount of $1 billion in State Bank of Pakistan (SBP). The finance minister highlighted that this inflow has further increased forex reserves held by the central bank and will accordingly be reflected in the forex reserves position for the week ending July 14, 2023. “On behalf of Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, myself and the people of Pakistan, I extend our heartfelt thanks to the leadership of United Arab Emirates for their great gesture and support by placing said deposit of $1 billion with State Bank of Pakistan,” the minister added. The finance minister said that overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP will reach the level of $14 to $15 billion in the coming weeks. In a tweet, Prime Minister Shehbaz Sharif also thanked the UAE President for the $1 billion deposit. “We deeply acknowledge this kind gesture & consider it critical to our efforts to stabilize the economy,” the premier added. It is pertinent to mention here that on Tuesday of Kingdom of Saudi Arabia (KSA) deposited $2 billion in the State Bank of Pakistan’s (SBP) account. Today’s inflow means that Pakistan has received external financing of $3 billion in the last 48 hours from Saudi Arabia and UAE.