After Saudi Arabia, Pakistan receives $1bn from UAE: Ishaq Dar

Finance Minister Ishaq Dar announced on Wednesday that the United Arab Emirates has deposited $1 billion with the State Bank of Pakistan (SBP), saying that it would boost the country’s foreign exchange reserves.

“We received the confirmation some time ago that our brother country, our friend, the UAE has deposited $1bn in the State Bank’s account. The Federal Reserves Bank has confirmed that this amount has been credited to the [SBP’s] account,” he said during a live broadcast.

The minister’s announcement comes a day after Saudi Arabia deposited $2bn with the central bank and just hours before a crucial meeting of the International Monetary Fund’s executive board that Pakistan hopes would approve a $3bn standby arrangement agreed last month.

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