Pakistan will receive $2.77 billion from the International Monetary Fund (IMF) on August 23 in the organization’s bid to sustain global financial liquidity amidst the COVID-19 pandemic.
This development was shared by Finance Minister Shaukat Tarin here on Thursday while addressing a press conference. He also mentioned that the allocated funds will be directly sent to the State Bank of Pakistan (SBP) which will further boost the country’s forex reserves and stabilize the economy.
The funds are an “unconditional” allocation from the global lender, said Tarin, further suggesting that these funds will be used in a productive and efficient way to rebuild resources lost due to the coronavirus.
Besides the aforesaid development, it should be noted here that the IMF in principal approved a general allocation of Special Drawing Rights (SDRs), amounting to $650 billion on August 2, in a bid to balance out liquid financial assets across the globe.
The allocation is particularly targeted at vulnerable countries which are struggling due to the COVID-19 pandemic. Other member countries will also benefit from these funds, repair confidence, become more resilient and watchful of any future discrepancies that threaten their economies.