Saudi Arabia, UAE inform IMF on financing to Pakistan: Dar

ISLAMABAD: Finance Minister Senator Ishaq Dar has said that the Saudi Arabia and the UAE have intimated to the International Monetary Fund (IMF) on financing to Pakistan, ARY News reported on Monday.

Pakistan’s finance minister has stated that the Kingdom of Saudi Arabia (KSA) has confirmed provision of two billion US dollars to Pakistan. The United Arab Emirates (UAE) has confirmed financing of one billion US dollars to Pakistan, Dar said.

Finance Minister has said that all preconditions for an Staff Level Agreement (SLA) between Pakistan and the IMF have now been implemented.

He hoped that the IMF will soon sign the staff level agreement with Pakistan and get approval from its executive board.

Pakistan’s finance minister had earlier held a virtual meeting with Martin Raiser, South Asia Vice President of the World Bank.

The meeting was part of the World Bank-IMF Spring Meetings 2023 held in Washington, said a Finance Ministry news release.

The minister informed the WB vice president about the completion of World Bank-supported reforms, especially those supported under the Resilient Institutions Strengthening Programme-II (RISE), under which major reforms like harmonization of GST had been completed.

He thanked the World Bank team for supporting Pakistan on flood rehabilitation and reconstruction.

Speaking on the occasion, Martin Raiser appreciated Pakistan’s efforts on ensuring expeditious processing of all flood related projects.

He thanked the Pakistani side on completing reforms under the RISE programme which would contribute to ensure macroeconomic stability in the country.