IMF’s historic funding takes effect, $2.7bn for Pakistan
The International Monetary Fund’s (IMF) largest-ever allocation of $650 billion in Special Drawing Rights (SDR) became effective on Monday and can bring about $2.7 billion of additional funding for Pakistan as well.
“The largest allocation in history … is a significant shot in the arm for the world,” IMF Managing Director Kristalina Georgieva said in a statement issued in Washington. “If used wisely, (this is) a unique opportunity to combat this unprecedented crisis.”
The total amount of $650 billion will be distributed among member states in accordance with their quota of the Special Drawing Rights (SDRs). The break-up can bring about $2.7 billion to Pakistan, diplomatic sources say.
The SDR is an interest-bearing international reserve asset created by the IMF. A basket of currencies determines its value. The SDR value in terms of the US dollar is determined daily. SDRs can be held and used by member countries.
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