In a significant development, the United Arab Emirates (UAE) has affirmed its commitment to assisting Pakistan in addressing its $6.5 billion external financing gap, a pivotal move disclosed in Islamabad.
Sources report that a meeting transpired on Tuesday between the International Monetary Fund (IMF) mission chief and the UAE Ambassador in Pakistan. The primary focus of the discussion was the formidable external financing challenge confronting Pakistan.
During the meeting, the UAE ambassador conveyed a pledge to actively contribute to stabilizing Pakistan's economy and tackling the critical issue of the $6.5 billion financing gap.
Concurrently, the IMF mission is in the process of seeking confirmation from Pakistan regarding its external financing strategies.
Facing the substantial challenge of a $6.5 billion external financing gap, Pakistan has opted to seek support from friendly nations, including Saudi Arabia and the UAE.
Insider information suggests that the Pakistani government is also set to approach institutions such as the Islamic Development Bank, Asian Development Bank, and the World Bank, soliciting financial assistance to mitigate the current account deficit.