Islamabad: Finance Minister Shaukat Tarin stated on Thursday (August 12) that Pakistan will get USD 2.77 billion from the International Monetary Fund (IMF) under the renewed Special Drawing Rights (SDRs), according to news reports.
The money will be transferred to the State Bank of Pakistan (SBP) on August 23. He also added that the IMF’s disbursement of USD 650 billion funding to member countries is part of its efforts to keep pandemic-hit economies afloat.
According to the minister, Pakistan’s portion of the overall SDRs pool is 0.43 %, or USD 2.77 billion. The funding will be given to Pakistan without any obligations and this will increase Pakistan foreign currency reserves and will stabalise Dollar-PKR parity. Minister Tarin said that the current Account Deficit (CAD) will remain under 2.5% of the Gross Domestic Product (GDP) which is better than the 6-7% recorded in the past years.
Furthermore, the minister stated that the IMF’s concern on the PKR 1.6 trillion Kamyab Pakistan Programme would be addressed through parlays and that the initiative would not be turned back in any scenario
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.
