United Arab Emirates has deposited $1 billion in the State Bank of Pakistan, Finance Minister Ishaq Dar said on Wednesday.

“The latest development came after Saudi Arabia deposited $2 billion in the SBP account a day earlier. The foreign exchange reserves of the central bank have increased by $3 billion in two days,” he said during a media briefing.

The inflows from UAE and Saudi Arabia will reflect in the updated forex reserves figures scheduled to release on July 14, Dar stated.

He thanked the leadership of the UAE for lending a helping hand to the country.

“On behalf of Prime Minister Shehbaz Sharif, Army Chief Syed Asim Munir and people of Pakistan, I thank the UAE leadership who once again proved their friendship with Pakistan.”

Dar made the announcement shortly before the IMF Executive Board was to scheduled to start its meeting to approve the $3 billion stand-by arrangement programme for Pakistan.