Pakistan moving closer to get loan from IMF as UAE likely to commit funds soon

ISLAMABAD, April 12 (SABAH): Pakistan is moving closer to securing its loan from the International Monetary Fund (IMF) as United Arab Emirates (UAE) is likely to assure the global lender that it will provide a $1 billion financing to Pakistan by this week.

According to a private TV channel, the UAE is likely to provide a written guarantee regarding $1 billion financing this week and the news will be conveyed to the Fund officials by the Finance Secretary Hamed Yaqoob Sheikh during the annual meeting currently being held in Washington.

The IMF has asked Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, which ends in June.

Matters have been finalised with the UAE and as soon as Pakistan receives a written guarantee from the Gulf state, the IMF will also receive confirmation. The development comes after Prime Minister Mian Muhammad Shehbaz Sharif and Finance Minister Senator Mohammad Ishaq Dar requested the UAE officials in order to complete the prerequisites of the Fund.