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Pakistan to get $2.8 billion from IMF by end of month

Pakistan to get $2.8 billion from IMF by end of month

Pakistan to get $2.8 billion from IMF by end of month

IMF

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KARACHI: Pakistan is set to receive around $2.8 billion by the end of the month under the recently approved allocations of the Special Drawing Rights (SDRs) by the board of governors of the International Monetary Fund (IMF).

The board of governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to $650 billion (around SDR 456 billion) on August 2, 2021, to boost global liquidity.

The general allocation of SDRs will become effective on August 23, 2021. The newly-created SDRs will be credited to the IMF member countries in proportion to their existing quotas in the fund.

The State Bank of Pakistan (SBP), in its analyst call on July 27, 2021, had mentioned that it expects to receive $2.8 billion from the IMF in August 2021 because of the IMF’s planned new global SDR allocation subject to the approval from the fund’s governors and regardless of the status of the fund’s programme, a Topline Research said in a report on Tuesday.

There have been three prior general allocations. The most recent was in 2009, during the global financial crisis, when the IMF allocated an equivalent of $250 billion in new SDRs to its members.

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The State Bank’s foreign exchange reserves stand at $17.80 billion, and the abovementioned inflow can potentially take the central bank’s reserves to cross $20 billion, highest in Pakistan’s history (current high: $19.46 billion in October 2016).

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