Pakistan to get $2.77bn from IMF on 23rd: Tarin

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin said on Thursday Pakistan will get $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 global coronavirus pandemic.

Addressing a news conference here, the finance minister said the IMF will directly transfer the amount to the State Bank of Pakistan (SBP), which he said would help further improve the country’s foreign exchange reserves and “have a very good impact on the economy”.

The minister said it was an unconditional allocation from the IMF, which he said would be used in a productive way. He said Pakistan had been already working on a reform programme to bring stability and sustainability under the IMF programme.

He said the measures taken by the government had been bearing fruit as was demonstrated by the growth in revenue collection, adding that the increase in revenues was indicative of economic growth.

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. The Board of Governors of the IMF approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity. The allocation will benefit all members, 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.