Pakistan’s Finance Minister Ishaq Dar on Friday announced that the UAE had approved USD 1 billion in financial support, taking the cash-strapped nation a step closer to unlocking the crucial IMF bailout. Pakistan is tackling a major economic crisis as it awaits a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund, part of a USD 6.5 billion bailout package the IMF approved in 2019.

Finance Minister Dar said the Gulf nation has confirmed its commitment to the International Monetary Fund, paving way for the staff-level agreement to unlock a USD 1.1 billion loan by the global lender.