After Saudi inflow, UAE deposits $1bn with SBP

Pakistan received a much-needed inflow of $1 billion from the United Arab Emirates on Wednesday, hours before the formal approval of the $3 billion nine-month Stand-By Arrangement by the executive board of the International Monetary Fund. The UAE, our brotherly country and friend has deposited $1bn into the State Bank of Pakistan’s account,” Finance Minister Ishq Dar announced in a video message saying that the funds would boost the country’s declining foreign exchange reserves. “The Federal Reserve Bank has confirmed that this significant amount has been credited to the account of the SBP,” Mr Dar further said. The $1bn has been transferred to the SBP account, just one day after receiving a $2bn deposit from Saudi Arabia. This brings the total external financing from friendly countries to $3bn, which was a requirement set by the IMF as a condition for signing the agreement.