Finance minister says Pakistan to receive $2.77 billion from IMF on Aug 23 

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.