Pakistan to get $2.77bn from IMF in ‘Unconditional’ Funding

August 13, 2021

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Finance Minister Shaukat Tarin has confirmed that Pakistan will receive $ 2.77 billion in “Unconditional” funds from the International Monetary Fund on August 23, and said the government is addressing the global lender’s concerns over Pakistan’s proposed Kamyab program of 1.6 trillion rupees, while progress on IMF’s $ 6 billion External Funding Facility is currently on hold.

Speaking at a press conference rushed after a long hiatus in the budget due to health concerns, Tarin said the prime minister had promised to make him a senator to continue as Minister of Finance. He is expected to take the oath ofSenator before the end of the remaining two months of his constitutional term.

The minister said that on August 23, the IMF will transfer $ 2.77 billion from the country’s quota to the State Bank of Pakistan (SBP) account. This is out of a total of $ 650 billion in funds from the IMF to all of its members to increase international liquidity. It gets in the way of the government. Global health pandemic.

“Pakistan’s share in world reserves is 0.43 percent, and $ 2.77 billion will be transferred to our account,” he said. “This support is unconditional, it will increase our reservations and have a positive impact on the Pakistani rupee.”