Karachi: The State Bank of Pakistan (SBP) on Tuesday (August 24) stated that it has received USD 2.75 billion from the International Monetary Fund (IMF) under revised Special Drawing Rights (SDRs), the central bank tweeted from its official Twitter handle. Pakistan received 0.43% of the total USD 650 billion allocated by the IMF to member countries to keep pandemic-affected economies afloat.
According to the SBP, the country’s net reserves are USD 24.6 billion as of August 13, with USD 17.63 billion held by the SBP and USD 7.04 billion held by commercial banks. According to analysts, once the IMF funds are received, the reserves will reach a historic level of USD 27.41 billion., therefore stabilising economic growth.
Following hefty import bills in the first month of the fiscal year 2021-22, Pakistan’s foreign exchange reserves reported a USD 773 million current account deficit (CAD).
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.
