ISLAMABAD: Federal Finance Minister Shaukat Tarin Thursday said that Pakistan is due to receive $2.77 billion from the International Monetary Fund on August 23.

Addressing a press conference to announce the development, Tarin said that the funds will directly be sent to the State Bank of Pakistan.

Tarin said that the international money lender has released a total of $650 billion for various countries. He said the figures are showing an improvement in the economy. IMF had given some conditions in March in which the IMF has asked the government to bring the power sector in line, he added.

The minister said that it was unconditional allocations from the IMF which he said would be used in a productivity way. He said that Pakistan had already been working under IMF programme on reform.

The IMF board, on August 2, 2021, had approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$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 most vulnerable countries struggling to cope with the impact of the COVID-19 crisis.