Pakistan Received USD 2.75 billion Under New SDRs
The State Bank of Pakistan (SBP) has received USD 2.75 billion in updated Special Drawing Rights (SDRs) from the International Monetary Fund (IMF), according to a post from the central bank’s official Twitter account.
Pakistan received 0.43 percent of the total USD 650 billion granted by the IMF to member nations in order to stabilize pandemic-affected economies.
According to the SBP, the country’s net reserves are USD 24.6 billion as of August 13, with the SBP holding USD 17.63 billion and commercial banks holding USD 7.04 billion. Once the IMF monies are received, the reserves would hit a historic high of USD 27.41 billion, according to analysts. Consequently stabilizing economic expansion.
In the first month of the fiscal year 2021-22, Pakistan’s foreign exchange reserves reported a USD 773 million current account deficit due to large import costs (CAD).
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