Pakistan receives $2.75 billion from IMF to overcome Covid-19 challenges: SBP

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Karachi (Web Desk): Pakistan has received $2.75 billion from the International Monetary Fund (IMF) to fight against Covid-19 challenges, the State Bank of Pakistan (SBP) said on Tuesday.

The Washington-based global lender released the funds for Islamabad under its historic funding of $650 billion for the developing and developed member countries.

“The largest allocation in history … is a significant shot in the arm for the world,” IMF Managing Director Kristalina Geor­gieva said in a statement issued in Washington. “If used wisely, (this is) a unique opportunity to combat this unprecedented crisis.”

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This was the second time that IMF allocated funds for its member countries amid Covid-19 outbreak to cope up with the contagious disease.

In April 2020, it disbursed $1.4 billion to Pakistan.