Pakistan set to receive $2.77 billion loan

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Pakistan set to receive $2.77 billion loan

ISLAMABAD – Pakistan is set to receive $2.77 billion from the International Monetary Fund (IMF) as the global lender rolled out its largest-ever distribution of monetary reserves of $650 billion to help the low-income countries deal with the economic fallout of the Covid-19 pandemic.

Kristalina Georgieva, Managing Director of IMF, while announcing the initiative said that: “The largest allocation of Special Drawing Rights (SDRs) in history—about US$650 billion—comes into effect today. The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis”.

Earlier in the month, Finance Minister Shaukat Tarin had revealed that the funds will directly be sent to the State Bank of Pakistan on August 23.