IMF approves $2.8b in fresh funds for Pakistan
Inflows will help country to combat challenges arising from Covid-19
PHOTO: AFP
KARACHI:
The International Monetary Fund (IMF) has approved allocation of new funds for its member countries, including Pakistan, to help them combat the challenges arising from the Covid-19 pandemic and put the global economy on a sustainable growth path.
Under the new allocations, Pakistan is estimated to receive $2.8 billion during the current month (August 23). The inflows are projected to lift the country’s foreign currency reserves to a new record high of over $20 billion.
Besides, the inflows will not only improve the country’s capacity to make payments for imports and repay foreign debt, but will also help arrest the rupee depreciation against the US dollar and other major currencies.
Current account deficit at $200m
Gap shrinks 61% year-on-year in April; for 10 months balance is in surplus at $773m
KARACHI:
Pakistan has recorded a moderate current account deficit for the fifth consecutive month in April 2021, at $200 million, as the foreign currency outflow from the country stood high compared to the inflow due to acceleration in imports.
The deficit was 61% lower in April compared to the deficit of $510 million in the same month of last year. The April deficit, however, was six times higher than a negligible deficit of $33 million in the previous month of March, the State Bank of Pakistan (SBP) reported on Tuesday.
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