Islamabad: Pakistan's cash-strapped economy is one step closer to unlocking the key IMF bailout after Finance Minister Ishaq Dar said on Friday that the UAE has authorised USD 1 billion in financial support.
In the midst of a severe economic crisis, Pakistan is waiting for the International Monetary Fund (IMF) in Washington, DC, to release the second installment of a USD 6.5 billion rescue package approved in 2019.
According to Finance Minister Dar, the Gulf state has reaffirmed its commitment to the IMF, clearing the way for an agreement at the staff level that will release a USD 1.1 billion loan from the international financial institution.—Inputs from Agencies
