Dar meets with heads of major commercial banks in Dubai – Business & Finance

Finance Minister Ishaq Dar held meetings on Saturday with the management of major commercial banks in Dubai, which deal with Pakistan and the Ministry of Finance, reported APPLICATION.

In a tweet, the finance division said the banks included Dubai Islamic Bank, Ajman Bank and Emirates NBD.

“Commercial banks have placed their confidence in the current economic policies of the government and assured their continued support to Pakistan,” he said.

Last week, Pakistan’s Ambassador to the Kingdom of Saudi Arabia, Ameer Khurram Rathore paid a courtesy visit to Dar.

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The Minister of Finance and the Ambassador discussed the long-standing, deep-rooted bilateral relations between Pakistan and Saudi Arabia, which are growing stronger every day.

The Pakistani Prime Minister’s recent visit to Saudi Arabia and the support given by the Saudi leadership were appreciated during the meeting.

Ambassador Ameer Khurram Rathore said the recent visit by the Prime Minister of Pakistan has further strengthened the brotherly relations between Pakistan and the Kingdom of Saudi Arabia.

Finance Minister Dar said that the Ministry of Finance will continue to commit to further strengthen the brotherly and friendly relations between the two countries.

On November 9, Dar announced that the State Bank of Pakistan (SBP) would receive $500 million from the Asian Infrastructure Investment Bank (AIIB) during that month.

In a tweet, the finance minister said the AIIB board had approved the funding as “co-financing of the Asian Development Bank (AfDB) funded BRACE program for Pakistan”.

“These funds will be received by the State Bank of Pakistan by November 2022,” he said.

The SBP had previously received $1.5 billion from the AfDB on October 26, 2022, as a loan disbursement for the Government of Pakistan, giving its foreign exchange reserves a much-needed boost.

By September, SBP’s reserves had increased as the central bank received the $1.2 billion tranche from the International Monetary Fund (IMF).

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