ANL 16.35 Increased By ▲ 0.20 (1.24%)
ASC 13.97 Increased By ▲ 0.05 (0.36%)
ASL 18.50 Decreased By ▼ -0.27 (-1.44%)
BOP 9.05 Increased By ▲ 0.30 (3.43%)
BYCO 7.47 Decreased By ▼ -0.07 (-0.93%)
FCCL 17.97 Increased By ▲ 0.18 (1.01%)
FFBL 23.51 Increased By ▲ 0.43 (1.86%)
FFL 15.53 Increased By ▲ 0.28 (1.84%)
FNEL 7.33 Increased By ▲ 0.08 (1.1%)
GGGL 16.90 No Change ▼ 0.00 (0%)
GGL 28.45 Decreased By ▼ -0.75 (-2.57%)
HUMNL 6.44 Decreased By ▼ -0.04 (-0.62%)
JSCL 20.19 Increased By ▲ 0.09 (0.45%)
KAPCO 27.62 Decreased By ▼ -0.53 (-1.88%)
KEL 3.44 Increased By ▲ 0.01 (0.29%)
MDTL 2.25 Increased By ▲ 0.01 (0.45%)
MLCF 35.41 Increased By ▲ 0.29 (0.83%)
NETSOL 106.84 Decreased By ▼ -2.11 (-1.94%)
PACE 4.27 Decreased By ▼ -0.08 (-1.84%)
PAEL 27.40 Decreased By ▼ -0.60 (-2.14%)
PIBTL 8.32 Decreased By ▼ -0.10 (-1.19%)
POWER 7.03 Increased By ▲ 0.03 (0.43%)
PRL 16.67 Increased By ▲ 0.02 (0.12%)
PTC 9.03 Decreased By ▼ -0.14 (-1.53%)
SILK 1.55 Increased By ▲ 0.07 (4.73%)
SNGP 41.21 Increased By ▲ 0.19 (0.46%)
TELE 17.50 Increased By ▲ 0.77 (4.6%)
TRG 131.70 Decreased By ▼ -2.40 (-1.79%)
UNITY 30.33 Increased By ▲ 0.48 (1.61%)
WTL 2.48 Decreased By ▼ -0.06 (-2.36%)
BR100 4,810 Increased By ▲ 94.12 (2%)
BR30 20,917 Increased By ▲ 77.01 (0.37%)
KSE100 46,059 Increased By ▲ 559.54 (1.23%)
KSE30 18,115 Increased By ▲ 290.23 (1.63%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,328
1624hr
Pakistan Cases
1,266,826
62224hr
1.4% positivity
Sindh
466,750
Punjab
438,433
Balochistan
33,149
Islamabad
106,571
KPK
177,132

WASHINGTON: The IMF will distribute about $650 billion in new Special Drawing Rights to its members on Monday, providing a "significant shot in the arm" for global efforts to combat the covid-19 pandemic, Managing Director Kristalina Georgieva said.

The International Monetary Fund's largest-ever distribution of monetary reserves will provide additional liquidity for the global economy, supplementing member countries' foreign exchange reserves and reducing their reliance on more expensive domestic or external debt, Georgieva said in a statement.

"The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis," she said. Countries can use the SDR allocation to support their economies and step up their fight against the coronavirus crisis, but should not use the fiscal space to delay needed economic reforms or debt restructuring, the IMF said in separate guidance document.

IMF member countries will receive SDRs - the fund's unit of exchange backed by dollars, euros, yen, sterling and yuan - in proportion with their existing quota shareholdings in the fund.

Afghanistan: IMF says it’s ‘too early to predict’ spillover in Pakistan

Georgieva said about $275 billion of the allocation will go to emerging market and developing countries, with some $21 billion to flow to low-income countries.

Georgieva said the IMF was encouraging rich countries that receive SDRs to channel them to poorer countries that need them more.

One key option is for wealthier countries to contribute SDRs to the IMF's existing Poverty Reduction and Growth Trust for low-income countries, she said. The IMF was also continuing to work on a possible Resilience and Sustainability Trust that could use channelled SDRs to help the most vulnerable countries with structural transformation, including dealing with climate change, she said.

Comments

Comments are closed.