Finance Minister Senator Ishaq Dar stated that Saudi Arabia and the United Arab Emirates (UAE) had informed the International Monetary Fund (IMF) about financing for Pakistan.
According to Pakistan’s finance minister, the Kingdom of Saudi Arabia (KSA) has confirmed the provision of two billion US dollars to Pakistan.
According to Dar, the United Arab Emirates (UAE) has confirmed finance for Pakistan in the amount of one billion US dollars.
According to the Finance Minister, all preconditions for a Staff Level Agreement (SLA) between Pakistan and the IMF have now been met.
He hoped that the IMF’s executive board would shortly sign the staff-level agreement with Pakistan.
Pakistan’s finance minister has already met virtually with Martin Raiser, World Bank South Asia Vice President.
According to a Finance Ministry press release, the conference was part of the World Bank-IMF Spring Meetings 2023 in Washington.
The minister notified the WB vice president of the completion of World Bank-supported reforms, particularly those supported under the Resilient Institutions Strengthening Programme-II (RISE), which included important reforms such as GST harmonization.
He praised the World Bank team for its assistance in flood restoration and reconstruction in Pakistan.
Martin Raiser, speaking on the occasion, praised Pakistan’s efforts to expedite the processing of all flood-related projects.
He thanked the Pakistani side for completing reforms under the RISE programme which would contribute to ensuring macroeconomic stability in the country.