Pakistan receives $1b from UAE, says Dar

F.P. Report
ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Ishaq Dar on Wednesday said that the State Bank of Pakistan (SBP) has received a deposit of $1 billion from the United Arab Emirates, which would further strengthen and improve the foreign exchange reserves of the country.
Addressing a press conference he said that SBP as Federal Reserve Bank, has also confirmed and said that an amount of $1 billion had been received from the brotherly United Arab Emirates as this inflow would further increase foreign exchange reserves, held by the SBP.
He said that prior to this an amount of $2 billion was also received by the Kingdom of Saudi Arabia that would also help in enhancing the local reserves, adding that the deposit received by both countries will accordingly be reflected in the foreign exchange reserves position released by the SBP for the week ending on July 14, 2023.
The minister said that after receiving the deposit of $ 2 billion from the Kingdom of Saudi Arabia and $1 billion from United Arab Emirates, the foreign exchange reserves held by the SBP, increased by $3 billion during the last two days.
The Finance Minister thanked the Government of United Arab Emirates on behalf of country’s leadership, and the nation for their great gesture and support during the time when the country was facing tough economic challenges and extended its support. Ishaq Dar reaffirmed the government’s commitment to put the country back on the track of fast economic growth and development, besides building foreign exchange reserves to the tune of $15 billion by the end of current month (July).
He further said that Pakistan had started its journey towards economic growth and development, adding every coming day would be better than the passing day and soon it would regain its unique status in the comity of nations.
Meanwhile, Prime Minister Muhammad Shehbaz Sharif expressed gratitude to President of the United Arab Emirates (UAE) Mohamed Bin Zayed for the deposit of $1 billion with the State Bank of Pakistan.
In a tweet, the prime minister said that as a time-tested friend and brotherly country, the UAE had always come forward to support Pakistan. “We deeply acknowledge this kind gesture & consider it critical to our efforts to stabilize the economy,” he added.