ISLAMABAD – Pakistan is due to receive $2.77 billion from the International Monetary Fund this month, the country’s finance minister said on Thursday.
Addressing a press conference to announce the development, Shaukat Tarin detailed that the funds will directly be sent to the State Bank of Pakistan on August 23.
The international money lender has released a total of $650 billion for various countries. The amount — which will be an “unconditional” allocation from the IMF — aims to boost global liquidity amid the coronavirus pandemic.
On August 2, the Board of Governors of the IMF had approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) to boost global liquidity.
