ISLAMABAD: The International Monetary Fund (IMF) recently allowed Pakistan to utilise $2.78 billion (Rs 500 billion) for meeting budgetary side requirements, which it had provided to combat the COVID-19 pandemic.
The IMF usually provides Balance of Payment (BoP) support to recipient countries, but in exceptional cases, it allows countries to utilise its resources for financing budgetary requirements.
According to the top official sources, the Ministry of Finance had requested the IMF to permit the utilisation of $2.78 billion provided to combat the COVID-19 pandemic for meeting budgetary requirements. They also indicated that the IMF staff had agreed to this favour to Pakistan.
Pakistan had received $2.78 billion from the IMF under the Special Drawing Rights Program as the IMF announced $650 billion programs for low-income countries severely impacted by a coronavirus.
