Pakistan Gets Booster Jab in Foreign Reserves
Pakistan has received $2.75 billion from the IMF as part of SDR allocation and the country's total foreign exchange reserves have exceeded $27 billion in a historic first
From the economic front, Pakistan relishes glad tidings including the increased confidence of overseas investors as per the OICCI survey and the historic allocation of $2.75 billion by the International Monetary Fund (IMF).
To mitigate the crisis amid pandemic, IMF approved the allocation of $650 billion in Special Drawing Rights (SDR) to help countries improve their foreign exchange reserves.
Today, IMF member countries receive their shares of the new $650 billion #SDRs allocation—the largest in history!
This is a pivotal moment in our fight against the pandemic.
See my @FT op-ed on how to make the most of this opportunity: https://t.co/jd4XYg8yWT pic.twitter.com/J4e3K7SctI
— Kristalina Georgieva (@KGeorgieva) August 23, 2021
“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”, said Kristalina Georgieva, Managing Director of IMF.
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Pakistan has received $2.75 billion from the IMF as part of SDR allocation as confirmed by the State Bank of Pakistan (SBP).
#SBP has received US$ 2.75 billion from the IMF, as part of SDR allocation announced by IMF recently.
— SBP (@StateBank_Pak) August 24, 2021
On the other hand, the Business Confidence Index (BCI) survey that the OICCI conducted in Pakistan showed an increase in Business Confidence Score (BCS).
The BCS that was shown at -50% in the previous survey now stands at 9%.
Prime Minister Imran Khan shared the good news on his Twitter account.
More good news on econ front. OICCI’s BCI Survey shows Pak standing at positive score of 9%, an improvement of 59% from -50% score of May ’20. OICCI mbrs confidence stands at +34% vs -74% in 2020, a turnaround of 108%. Dramatic rise in confidence of business esp foreign investors pic.twitter.com/Sw1cT3BK8p
— Imran Khan (@ImranKhanPTI) August 23, 2021
Finance ministry officials told News360 that Pakistan’s total foreign exchange reserves have exceeded $27 billion in a historic first.
