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
Pakistan Navy rescues Sri Lankan sailor in Indian Ocean operation
- Navy evacuates critically ill crew member 1,500 kilometer off the coast
- Rescue follows earlier Pakistan Navy relief role after Sri Lanka cyclone
ISLAMABAD: Pakistan Navy said on Saturday it had carried out a long-range medical evacuation in the Indian Ocean, rescuing a critically ill Sri Lankan crew member from a foreign-flagged vessel around 1,500 kilometers off Pakistan’s coast.
The operation was launched after Sri Lanka’s Maritime Rescue Coordination Center requested urgent medical assistance for a crew member aboard MV Grey Palm, an Indonesian-flagged cargo ship operating far from land, according to a statement issued by the navy’s public relations directorate.
“Pakistan Navy Ships TABUK and MOAWIN have successfully conducted medical evacuation (MEDEVAC) of a Sri Lankan national requiring urgent medical attention ... on the high seas at 800 Nautical Miles (approximately 1500 KM) off Pakistan’s coast,” the statement said.
The navy said it deployed its ships as a first responder, evacuated the patient along with an attendant and provided immediate treatment onboard before continuing coordination with Sri Lankan authorities.
“The successful medical evacuation is yet another testament to operational readiness and long-standing commitment of Pakistan for the safety of life at sea, irrespective of nationality,” the statement added.
The rescue follows Pakistan Navy’s involvement in humanitarian operations in Sri Lanka last month after a powerful cyclone triggered flooding and landslides that killed more than 470 people, according to Sri Lankan authorities.
During that mission, Pakistani naval personnel helped evacuate a family stranded on a rooftop for several days and delivered relief supplies to affected communities.
