UAE confirms to IMF support of $1B for Pakistan

ISTANBUL

The United Arab Emirates (UAE) has confirmed to IMF its support of $1 billion to Pakistan, the Pakistani finance minister announced on Friday.

"State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities," Ishaq Dar tweeted.

The minister also announced that the central bank will receive the third and last disbursement, worth $300 million, from Chinese ICBC Bank as part of the approved facility of $1.3 billion.

"It will shore up forex reserves of Pakistan," Dar added.

In the recent period, Pakistan's foreign exchange reserves saw critical levels of around $4 billion.