UAE deposits $1bn in SBP: Ishaq Dar

ISLAMABAD, July 12 (SABAH): Finance Minister Ishaq Dar on Wednesday said the United Arab Emirates had deposited $1billion with the State Bank of Pakistan.

These funds are crucial for securing the IMF deal as the global lender had conditioned the release of loan with the deposition of funds by countries including the UAE, Saudi Arabia, and China. Saudi Arabia has already credited $2 billion into the SBP’s account.

Addressing the presser, Dar said this deposit would improve the SBP’s forex reserves, adding that he was thankful to the UAE’s government on behalf of Prime Minister Shehbaz Sharif and Chief of Army Staff Gen Asim Munir. “Pakistan will restore its image in the world,” he vowed.