ISLAMABAD: The International Monetary Fund (IMF) has released $2.75 billion to Pakistan, the State Bank of Pakistan (SBP) confirmed receiving the amount on Tuesday.
The amount has been transferred as part of Special Drawing Rights (SDR) allocation announced by the international money lender recently.
“SBP has received US$2.75 billion from the IMF, as part of SDR allocation announced by IMF recently,” the central bank tweeted Tuesday morning.
Pakistan was due to receive the amount on August 23 from IMF’s general allocations of $650 billion that had been approved to boost global liquidity amid the coronavirus pandemic across the globe.
The amount was directly transferred to the SBP, which has further improved the country’s foreign exchange reserves and is expected to have good impact on the economy.
The Board of Governors of the IMF had approved a general allocation of SDRs equivalent to $650 billion on August 2, 2021 — to boost global liquidity.