Finance Minister Shaukat Tarin on Thursday confirmed the news that Pakistan will receive $2.77 billion ‘unconditional’ funds from the International Monetary Fund (IMF) on August 23.
While speaking to the news conference after a long interval due to his health issues,the minister said the IMF would transfer $2.77bn of the country’s share to the State Bank of Pakistan (SBP) account on Aug 23 out of $650bn general allocation the Washington-based lending agency made to all its members to boost international liquidity challenged by the global health pandemic.
“Pakistan’s share in the general allocation is 0.43 per cent and $2.77bn would be transferred to our account. This support is unconditional, has no cost, will increase our reserves and will have salutary effect on Pakistani rupee”, he added.
Moreover, he said the government would address the concern of global lender over the proposed Rs.1.6 trillion worth of Kamyab Pakistan Programme (KPP) and take forward the $6bn Extended Fund Facility currently “in recess”.
Further responded to a question regarding his ministry, he added, he had been promised by the prime minister to make him senator to continue as finance minister and he had no reason to doubt it would not materialize before the expiry of the remaining two-month constitutional window.
Over the various concerns of journalists about the past economic program being unproductive, he established that he would not allow wastage and ensure their productive use so that fiscal sustainability achieved so far was not affected.
