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Pakistan to Receive RS 2.77bn from IMF in COVID Support

Pakistan will receive USD 2.77 billion from the International Monetary Fund (IMF) under the renewed Special Drawing Rights (SDRs), according to Finance Minister Shaukat Tarin of Islamabad.

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On August 23, the funds will be transferred to the State Bank of Pakistan (SBP). In addition, he stated that the IMF’s transfer of USD 650 billion to member nations is a part of its efforts to keep pandemic-affected economies afloat.

According to the minister, Pakistan’s share in the global pool of SDRs is 0.43 percent, or $2.77 billion. The funding will be provided to Pakistan free of charge, improving Pakistan’s foreign currency reserves and stabilizing the Dollar-PKR exchange rate.

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Minister Tarin stated that the Current Account Deficit (CAD) would remain at 2.5% of the Gross Domestic Product (GDP), which is a significant improvement above the 6-7% deficits reported in recent years.

In addition, the minister claimed that the IMF’s concerns on the PKR 1,600,000,000,000,000 Kamyab Pakistan Programme would be addressed through parlays and that the program would not be reversed under any circumstances.

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