Pakistan gets $2.77b from IMF’s Covid fund

Aug 24, 2021: Pakistan has received  $2.77 billion from the International Monetary Fund (IMF) program to help boost the global economy and help emerging and low-income countries cope with rising debts and the COVID 19 crisis.

According to sources, Pakistan’s foreign exchange reserves are expected to reach an all-time high. It is said that no conditions were imposed on the loan which is not part of the IMF program for Pakistan and the interest rate is very low. No loan repayment date has been set.

Earlier this month, the IMF’s executive board approved the largest-ever distribution of  $650 Billion in financial reserves to help alleviate the economic woes of low-income countries.

“Today is a historic day and member states have received $650 billion,” the IMF said in a statement. “The transfer will bring confidence and stability to the global economy and the global economy will re-emerge,” it added.

The IMF said recipient countries could use the money unconditionally. It is up to the borrowing countries to decide how they will use the money, the statement said, adding that the money could be used to either increase foreign exchange reserves or repay loans.

The IMF added that the money was released by the IMF to member countries to fight the corona virus pandemic.

According to sources, the latest transfer will take Pakistan’s foreign exchange reserves to the highest level in the country’s history.

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