IMF allocations to take forex reserves to historic high level: Baqir


Governor State Bank of Pakistan (SBP), Reza Baqir said Friday that the foreign exchange reserves of the central bank would reach to the historic high level once the country receives $2.77 billion on August 23 from International Monetary Fund’s (IMF) gen-eral allocations of $ 650 billion that had been ap-proved to boost global liquidity amid the coronavi-rus pandemic.

Addressing a press conference, Baqir said that ear-lier, the highest reserves of $19.5 billion were re-corded in year 2016.

Appreciating the IMF’s step for providing global liquidity, the SBP Governor said that this was a happy news, which he said would help improve country’s reserves and have very positive impact on various economic indicators.

He said the increase in reserves would help provide coverage to imports into the country, saying that since the country was currently in recovery mode, hence needed more imports.

He said that the inclusion of $2.77 billion would also help enhance the net international reserves of the country, which is also positive sign for the coun-try’s economy.

It is pertinent to mention here that the Board of Governors of the IMF had approved a general allo-cation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) to boost global liquidity.

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