Pakistan Receives $2.7 Billion Share From IMF’s Global Fund
The State Bank of Pakistan (SBP) has received $2.75 billion from the International Monetary Fund (IMF) as part of the fund’s recently announced Special Drawing Rights (SDR) allocation, the central bank said via tweet.
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It is important to note that Pakistan was scheduled to receive the funds on August 23 from the IMF’s general allocations of $650 billion, which had been agreed to increase global liquidity in the wake of the coronavirus outbreak.
The authorized increase in financing is intended to reduce the disaster caused by the Covid-19 epidemic, which has already claimed the lives of 4.44 million people and infected more than 212 million people worldwide.
The total amount of $650 billion will be distributed among member states in accordance with their quota of SDRs – the fund’s unit of exchange backed by dollars, euros, yen, sterling, and yuan – with Pakistan receiving approximately $2.7 billion; the latest receipt is expected to increase the country’s foreign currency reserves to a record-high $20.4 billion.
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She also suggested that SDRs may be used to facilitate loans by multilateral development banks. In 2009, member countries received $250 billion in SDR reserves from the IMF in an effort to alleviate the global financial crisis.
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