IMF 'seeks' one-year rollover of $2bln UAE deposit 

The International Monetary Fund (IMF) has sought assurances that a $2 billion deposit from the United Arab Emirates (UAE) will be rolled over for at least one year, ARY News reported on Thursday, citing well-placed sources. 

During ongoing discussions, the IMF delegation reportedly raised concerns over the absence of confirmation regarding the one-year rollover of the UAE deposit.

Officials from the State Bank of Pakistan assured the visiting team during the economic review that significant progress on the rollover would be made.

Sources within the Ministry of Finance indicated that a meeting between the IMF delegation and the UAE ambassador is likely in order to secure progress on the matter.

State Bank of Pakistan officials also briefed the delegation that implementation of the external financing plan agreed with the International Monetary Fund is under way. They added that in the event of only a temporary rollover, the government remains engaged in further negotiations.

The discussions between the IMF team and Pakistani authorities covered foreign exchange reserves, monetary policy, exchange rate management and counter-terror financing measures. Technical talks were also held on anti-money laundering frameworks, banking regulations and other key financial sector reforms.

During the introductory session, the Governor of the State Bank and senior management provided a comprehensive briefing to the IMF delegation.

Sources confirmed that the IMF team will continue its negotiations with central bank officials in Karachi for a further two days.