Pakistan to receive USD 2.77 billion from IMF in COVID-related support

Islamabad: Finance Minister Shaukat Tarin stated 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.

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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 stabilize Dollar-PKR parity.

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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.

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