ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin said on Thursday Pakistan would receive $2.77 billion on August 23 from the International Monetary Fund’s (IMF) general allocations of $650 billion approved to boost global liquidity amid the coronavirus pandemic, the state-run APP news agency said.
Pakistan is also in talks with the IMF as part of a review of a 39-month $6 billion bailout program, which began in 2019.
Tarin’s comments came during a press conference where he said the IMF would directly transfer the amount to the State Bank of Pakistan, adding that the funds would help improve the country’s foreign exchange reserves and have a “good impact” on the economy.
“The minister said that it was unconditional allocations from the IMF which he said would be used in a productivity way,” APP reported, saying the minister said Pakistan was working on a reforms program to bring stability and sustainability under the IMF program.
“The minister thanked the IMF for such measures to promote global liquidity, particularly in those countries which have been facing challenges amid COVID-19 pandemic,” APP said.
The Board of Governors of the IMF on August 2 approved a general allocation of Special Drawing Rights equivalent to $650 billion to boost global liquidity. The allocation is meant to address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy. It will particularly help most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.
“The minister said the government would utilize the package given by the IMF in the productive sectors, so that the process of sustainable development could continue in the country,” APP added.
Finance minister says Pakistan to receive $2.77 billion from IMF on Aug 23
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Finance minister says Pakistan to receive $2.77 billion from IMF on Aug 23
- Funds come from IMF’s general allocation of $650 billion approved to boost global liquidity amid coronavirus pandemic
- Pakistan in talks with the IMF as part of a review of a 39-month $6 billion bailout program, which began in 2019
Hundreds of migrants, including Pakistanis, land in Greece after search operation at sea
- Rescued migrants were taken to a temporary facility on Crete after reaching the port of Agia Galini
- Greece has made deportations of rejected asylum seekers a priority under its migration policy
ATHENS: Greece’s Coast Guard rescued about 540 migrants from a fishing boat off Europe’s southernmost island of Gavdos on Friday, one of the biggest groups to reach the country in recent months.
The migrants were found during a Greek search operation some 16 nautical miles (29.6 km) off Gavdos, a Coast Guard statement said. They are all well and are being taken to a temporary facility on the nearby island of Crete after reaching the port of Agia Galini, a Coast Guard official said, adding most of the migrants were men from Bangladesh, Egypt and Pakistan.
In a separate incident on Thursday, the EU’s border agency Frontex rescued 65 men and five women from two migrant boats in distress off Gavdos, the Greek Coast Guard said.
Greece was on the front line of a 2015-16 migration crisis when more than a million people from the Middle East and Africa landed on its shores before moving on to other European countries, mainly Germany.
Flows have ebbed since then, but both Crete and Gavdos — the two Mediterranean islands nearest to the African coast — have seen a steep rise in migrant boats, mainly from Libya, reaching their shores over the past year and deadly accidents remain common along that route.
Greece, Cyprus, Spain and Italy will be eligible for help in dealing with migratory pressures under a new EU mechanism when the bloc’s pact on migration and asylum enters into force in mid-2026.
The center-right government of Prime Minister Kyriakos Mitsotakis has said deportation of rejected asylum seekers will be a priority.
