Islamabad: The State Bank of Pakistan (SBP) in its recent analyst report stated that Pakistan will receive USD 2.8 billion from the International Monetary Fund (IMF) under the new Special Drawing Rights (SDRs), news sources reported. The amount is part of the financial institution’s efforts to keep the economy of the members’ state afloat during the COVID-19 pandemic.
On August 2, the IMF approved a USD 650 billion global economic stimulus plan, with member countries receiving cash in accordance with their allocated quotas. The SDR fund decision of the IMF’s board of governors will take effect on August 23, 2021, and Pakistan will receive the allocated amount by the end of August.
Furthermore, following the approval and transfer of the allocated amount, the SBP current account reserves would be slightly higher than USD 20 billion, the highest in the country’s financial history, whereas the maximum financial receipts under the incumbent administration are 19.46 billion.
This is the third SDR approved by IMF and is the largest allocation of the emergency cash, with the last SDR approved in 2009 during the global market recession.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
