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During his address at the Pharma Export Summit and Awards (PESA-2023) in Islamabad, Prime Minister Shehbaz Sharif revealed that Pakistan is set to receive a $1 billion deposit from the United Arab Emirates (UAE) within the next couple of days. He also expressed confidence that the International Monetary Fund’s (IMF) Executive Board would approve a new $3 billion bailout facility during the upcoming vote. The prime minister credited Chief of Army Staff Asim Munir for the $2 billion deposit from the Kingdom of Saudi Arabia (KSA), emphasizing his unwavering efforts in facilitating the financial support.
UAE Deposit Strengthens Pakistan’s Financial Position:
The anticipated $1 billion deposit from the UAE aligns with developments that took place in April, when the UAE confirmed its financial support for Pakistan. This commitment was a crucial prerequisite set by the IMF before agreeing to a bailout, aiming to address Pakistan’s acute balance of payments crisis. The deposit is expected to be transferred to the State Bank of Pakistan (SBP) in the coming days once the IMF approves the release of funds in today’s vote.
Optimism Surrounding IMF Bailout Approval:
Prime Minister Shehbaz Sharif expressed his optimism regarding the approval of a new $3 billion bailout facility by the IMF’s Executive Board. The facility is designed to assist Pakistan in managing its economic challenges and stabilizing its financial situation. The prime minister’s hopeful remarks signify the government’s confidence in the ongoing negotiations with the IMF and the potential positive impact on Pakistan’s economy.
Gain of Pakistani Rupee against US Dollar and IMF Program
Acknowledging Chief of Army Staff’s Contribution:
Shehbaz Sharif acknowledged Chief of Army Staff Asim Munir’s significant role in securing the $2 billion deposit from Saudi Arabia. He praised Munir’s relentless efforts, emphasizing that the deposit was made possible due to his unwavering dedication. This deposit has provided valuable support to Pakistan’s financial stability and demonstrates the country’s strong relationships with its allies.
Conclusion:
Prime Minister Shehbaz Sharif’s announcement of a $1 billion deposit from the UAE brings renewed hope for Pakistan’s financial position. The expected deposit, along with the earlier contribution from Saudi Arabia, is anticipated to alleviate Pakistan’s balance of payments crisis. The prime minister’s optimism regarding the IMF’s approval of the $3 billion bailout facility reflects the government’s determination to address economic challenges and stabilize the country’s financial landscape. These developments signal positive progress and reaffirm the commitment of Pakistan’s allies to support its economic growth and stability.
