Pakistan has received $2.75 billion from the International Monetary Fund (IMF) as part of Special Drawing Rights (SDRs), according to the State Bank of Pakistan.
The Washington-based global lender released the funds for Islamabad under its historic funding of $650 billion for the developing and developed member countries.
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“SBP has received US$ 2.75 billion from the IMF, as part of SDR allocation announced by IMF recently,” the central bank tweeted on Tuesday morning.
#SBP has received US$ 2.75 billion from the IMF, as part of SDR allocation announced by IMF recently.
— SBP (@StateBank_Pak) August 24, 2021
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The funds are an “unconditional” allocation from the global lender, said the Finance Minister a few weeks ago, further suggesting that these funds will be used productively and efficiently to rebuild resources lost due to the coronavirus.
The international agency has reviewed the performance of Pakistan’s economic progress, including the implementation of economic reforms, which showed a satisfactory level.
With the inflows of $2.75 billion, the foreign exchange level of the country will increase to an all-time high level to $27.4 billion.
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 be watchful of any future discrepancies that threaten their economies.
