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KARACHI: Pakistan announced financial support Friday from the United Arab Emirates and China totalling $1.3 billion, giving the ailing economy a shot in the arm as it seeks to meet conditions for the resumption of an International Monetary Fund bailout.

Finance Minister Ishaq Dar said the UAE had promised a billion dollars to prop up Pakistan’s forex reserves — which at their current level of $4.04 billion can barely pay for four weeks of imports.

China on Friday released $300 million to Pakistan — the last tranche of a $1.3 billion rollover loan, Dar said.

IMF agreement to be inked soon, reiterates Dar in National Assembly

“UAE authorities have confirmed to IMF for their bilateral support of US$ one billion to Pakistan,” Dar tweeted.

He added that the country’s central bank was preparing the documentation to receive the deposit. Pakistan signed a $6.5 billion bailout package with the IMF in 2019, but has repeatedly reneged on conditions and so far just $3 billion has been released.

The IMF insists the nuclear-armed nation of 220 million people must boost its pitifully low tax base, end tax exemptions for the export sector, and raise artificially low petrol, electricity and gas prices meant to help low-income families.

The country’s hopes for another round of IMF funding also depend on friendly countries rolling over existing loans or providing additional support.

Faisal Shaji, chief strategy officer at Standard Capital Securities, said it appeared the latest funding would put Pakistan back “on (the) IMF-laid track”.

“One must be optimistic of getting IMF funding resumption now,” he told AFP.

Pakistan’s economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, while devastating floods and a major shortage of energy have piled on further pressures.

Year-on-year inflation hit 35.37 percent in March — the highest in nearly five decades — while the average inflation rate for the past year was 27.26 percent. The South Asian nation’s enormous national debt — currently $274 billion, or nearly 90 percent of gross domestic product — and the endless effort to service it makes Pakistan particularly vulnerable to economic shocks.

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Tuluka lavada Apr 15, 2023 08:52am
Why is the UAE silent about this ?
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Tulukan Mairandi Apr 15, 2023 10:26am
UAE gave an assurance to support with $1b. In return they will get permit to hunt houbara birds till they are extinct, soldiers in yemen, land in Balochistan, airport concessions, land to dispose hazardous waste, and thousands of pakistanis (humans) for biological and medical tests in UAE.
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Murli Apr 15, 2023 11:30am
@Tulukan Mairandi, Tuluka lavada..same person?
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Ding Dong Apr 15, 2023 01:41pm
@Murli, Both are satire content providers from our jealous doom-wisher neighbor.
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Zomiron Apr 15, 2023 02:47pm
@Ding Dong, I don't know who these Tulukans are. But I don't see how anyone can be "jealous" of Pakistan. We are at the bottom of the barrel.
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Ching Chong Apr 15, 2023 04:24pm
They are 2 different but all tulukans are the same
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Builder Apr 15, 2023 05:41pm
@Zomiron, I don't think it's about jealousy, it's about the denial by our enemy about very existence of Pakistan from day one. Lookout for videos about their think tanks and forums chanting about creating unrest in Pakistan. Unfortunately, our western neighbours are helping the enemy out but most importantly, it's the evil within.
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