Federal Minister for Finance and Revenue Shukat Tarin has said that Pakistan will get $2.77 billion on August 23 from the International Monetary Fund’s (IMF) general allocations of $650 billion it had approved to boost global liquidity amid coronavirus pandemic across the globe.
Addressing a press conference in Islamabad on Thursday, the finance minister said that the fund would directly transfer the amount to the State Bank of Pakistan (SBP), which, he said, would help further improve the country’s foreign exchange reserves, hence have “a very good impact on the economy”.
The minister said that it was unconditional allocations from the IMF and would be used in a productive manner.
He said that Pakistan had been already working on a reform programme to bring stability and sustainability under the IMF programme.
He said that the measures taken by the government had been bearing fruits as was shown by the growth in revenue collection, adding that the increase in revenues was indicative of economic growth.
The minister thanked the IMF for the measures to promote global liquidity, particularly in countries facing challenges amid the Covid-19 pandemic.
The Board of Governors of the IMF had 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 would benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.
It would particularly help the most vulnerable countries struggling to cope with the impact of the Covid-19 crisis.