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

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

Coronavirus disease (COVID-19) drive-through vaccination facility in Karachi

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.

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.

(Reporting by Asif Shahzad; editing by John Stonestreet)

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