Pakistan's Finance Minister Ishaq Dar on Friday chaired a meeting of the Cabinet's Economic Coordination (ECC) and approved Rs 42.528 billion (around USD 149 million) for the conduct of upcoming elections in the cash-strapped country, a media report said on Friday.

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The decision was taken by the finance minister following a request by the Election Commission of Pakistan (ECP) demanding funds for the polls in the current financial year, reported the Business Recorder newspaper.

The ECP informed the ECC that according to its constitutional responsibility, it is taking all necessary steps to conduct the next general elections and for this purpose, it has already requested the Finance Division for allocation of the funds.

The ECC approved Rs 42.528 billion technical supplementary grant for the ECP for the conduct of general elections in the fiscal year 2023-2024, the report said, adding that Rs 10 billion will be released initially.

The ECP has already declared that it was prepared to hold elections on time once the National Assembly completes its term or if the House is dissolved before the end of the term.

Prime Minister Shehbaz Sharif has said that the National Assembly would complete its five-year term on August 12 and general elections will be held according to the Constitution.

Former prime minister and opposition leader Imran Khan has been demanding early elections ever since he was ousted by the House in April last year.

Pakistan, according to the International Monetary Fund, needs another IMF programme and support from other multilateral lenders beyond the coming election cycle and the ongoing USD 3 billion standby arrangement with the Washington-based global lender.