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UAE confirms $1 billion loan, says Pakistan as it steps closer to unlock IMF bailout
The Gulf nation has confirmed to the IMF about their bilateral support to Pakistan, finance minister Ishaq Dar said in a twitter post.
Pakistan has said that the United Arab Emirates has assured to provide a $1 billion loan, moving the nation closer to seal a loan deal with the International Monetary Fund to avoid a default.
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The Gulf nation has confirmed to the IMF about their bilateral support to Pakistan, finance minister Ishaq Dar said in a twitter post. Pakistan said last week that Saudi Arabia assured that it will provide a $2 billion loan after the lender asked the nation to get financing assurances a loan can be disbursed.
The South Asian nation is going through one of its biggest economic crisis in history amid a delay in its loan program that has led to multiple downgrades by rating agencies. The last known point of discussion is the nation’s proposed fuel discount that it plans for lower income groups by raising fuel prices for wealthy motorists.
