Pakistan is currently struggling with tough situations in terms of financial and economic setup, the country is continously putting efforts to get bailout package from International Monetary Fund (IMF).
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The IMF funds of $6.5 billiony bailout package was set to release after signing a staff level agreement with IMF but analysts suggested that Pakistan is in critical situation to get this package.
Recently, Pakistan fulfilled various requirements for signing the staff level agreement and now the officials are confident about a good news soon.
IMF also suggested Pakistan to ask friendly countries for providing financial assurance so it can be helpful for getting bailout package. As a result of this announcement, many friendly countries came forward and helped Pakistan in times of need.
$1bn from UAE
Pakistan got Financial commitment of $1 billion from United Arab Emirates. A written agreement of this financial commitment is also expected in this week. The Finance and Revenue Minister of Pakistan Ishaq Dar requested UAE officials to make the deal this week.
The financial aid commitment from brotherly country UAE will ease the way for unlocking $1.3 billion bailout package from International Monetary Fund (IMF). IMF was waiting for Pakistan to get financial assurance from friendly countries to get the loan.
The final agreement of UAE providing financial aid to Pakistan will be signed on written documents in ongoing week. This news of financial commitment will be conveyed to Fund officials of IMF by Finance secretary Hamed Yaqoob Sheikh during annual meeting going on in Washington.
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The development of United Arab Emirates giving Financial commitment to Pakistan comes after Prime Minister Shahbaz Shareef and Finance Minister Ishaq Dar requested UAE officials to complete the prerequisites of the fund.