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Pakistan gets $2.75 billion in COVID-19 support funds from IMF

Published 08/24/2021, 05:22 AM
Updated 08/24/2021, 05:25 AM
© Reuters. FILE PHOTO: A resident receives a dose of coronavirus disease (COVID-19) vaccine at a drive-through vaccination facility in Karachi, Pakistan August 3, 2021. REUTERS/Akhtar Soomro

ISLAMABAD (Reuters) - Pakistan on Tuesday received $2.75 billion from the International Monetary Fund (IMF) under a Special Drawing Rights (SDR) programme to support low-income countries hit by the coronavirus, its central bank said.

The funds, part of a $650 billion global programme, will shore up Pakistan's foreign reserves, under pressure from a rise in the current account deficit and falling remittances from workers based abroad.

© Reuters. FILE PHOTO: A resident receives a dose of coronavirus disease (COVID-19) vaccine at a drive-through vaccination facility in Karachi, Pakistan August 3, 2021. REUTERS/Akhtar Soomro

Pakistan entered a $6 billion IMF program in 2019, a sixth review of which has been pending since March.

Pakistan has reported more than 1.1 million coronavirus cases and more than 25,000 pandemic-related deaths.

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