UAE's $1 Billion Pledge Brings Pakistan Closer to IMF Deal

The United Arab Emirates has pledged $1 billion in financial support to Pakistan, removing a key hurdle to securing a much-awaited bailout tranche from the International Monetary Fund (IMF). The commitment is one of the IMF's last requirements before approving a staff-level pact to release a tranche of $1.1 billion, delayed for months, that is crucial for Pakistan to resolve an acute balance of payments crisis. The pledge makes the UAE the third country, after Saudi Arabia and longtime ally China, to come to Pakistan's assistance, as external financing is needed to fully fund the balance of payments gap for the fiscal year that ends in June.