The affirmation got here days after Prime Minister Shehbaz Sharif visited the oil-rich Gulf nation searching for assist to enhance the stability of funds.

Finance Minister Ishaq Dar confirmed on social media that the Dhabi Fund for Development (ADFD) had deposited USD 2 billion with the State Bank of Pakistan (SBP).

“Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of USD 2 billion with the State Bank of Pakistan as discussed by PM Shehbaz Sharif with His Highness the President of UAE during last week’s official visit. Long live Pak-UAE friendship!” he tweeted on Wednesday evening.

The United Arab Emirates final week introduced to offer a USD 3 billion lifeline to Pakistan within the form of a rollover of the prevailing USD 2 billion debt and one other USD 1 billion in new financing.

Pakistan has been tethering on the sting of default with nearly USD 4 billion of reserves whereas dealing with the daunting activity to make USD 13 billion in debt repayments in six months.

Apart from the UAE, Saudi Arabia additionally supplied help of USD 5 billion in essential instances to Pakistan. But it isn’t enough to fulfill the shortfall until the nation wins the help of the International Monetary Fund (IMF).

The fund final August revived a stalled USD 6 billion mortgage programme however has refused to launch any extra funds until its robust circumstances are fulfilled by Islamabad.

Meanwhile, the World Bank on Thursday stated a number of media studies suggesting that the lender had delayed the approval of two loans value USD 1.1 billion till the following fiscal yr had been “unfounded”.

The Washington-based lender’s Country Director for Pakistan, Najy Benhassine stated: “The press reports that refer to a World Bank decision to delay approval of potential bank operations in Pakistan are unfounded.” Behassine made it clear that each one the dates for the approval of loans had been already scheduled.

For the present fiscal yr, the federal government had hoped to obtain USD 30 billion to USD 32 billion in international financing however the plans seem unrealistic. The financing plan included loans value USD 2.9 billion from the World Bank.

With the present international reserves standing at a mere USD 4.3 billion, Pakistan could not be capable to attain June with out help from international collectors.