The International Monetary Fund (IMF) has approved allocation of new funds for its member countries, including Pakistan, to help them combat the challenges arising from the Covid-19 pandemic and put the global economy on a sustainable growth path.
Under the new allocations, Pakistan is estimated to receive $2.8 billion during the current month (August 23). The inflows are projected to lift the country’s foreign currency reserves to a new record high of over $20 billion.
Besides, the inflows will not only improve the country’s capacity to make payments for imports and repay foreign debt, but will also help arrest the rupee depreciation against the US dollar and other major currencies.
The State Bank said last week (July 27) “in August, Pakistan’s reserve buffers are expected to rise by another $2.8 billion through the IMF’s planned new global SDR (Special Drawing Rights) allocation.”
