IMF provides $ 2.75 Bn to Pakistan under SDR Programme amid COVID-19 crisis

The International Monetary Fund (IMF) on Tuesday gave a sum of $2.75 billion to Pakistan under a Special Drawing Rights (SDR) programme as it continues to fight against coronavirus. The Asian country is witnessing a surge in COVID-19 infections partially fuelled by the highly transmissible Delta variant, which has depleted its foreign reserves. Experts have predicted that the IMF grant could pull the country out of the economic crisis.

The grant is a part of a Special Drawing Rights (SDRs) fund equivalent to US$650 billion, which is aimed at boosting global liquidity amidst the ongoing crisis. In a statement, IMF managing director Kristaline Georgieva said that the SDR allocation will provide additional liquidity to the global economic system, supplementing countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt. The official added that the countries can use the space provided by the SDR allocation to support their economies and "step up their fight against the crisis".

COVID havoc in Pakistan

This comes as the lethal coronavirus is wreaking havoc across the country with low COVID vaccination and ineffective lockdowns. As per the latest tally by the World Health Organisation (WHO), the country has reported a total of 1,123,812 cases with 24,923 deaths. Additionally, the country of over 212 million has administered a total of 50,478,166 vaccine doses. 

This comes days after the Imran Khan-led government blamed India for the virus spread in the country. In a baseless allegation, Pakistan's Information and Broadcasting Minister and Pakistan Tehreek-e-Insaf (PTI) leader Fawad Ahmed Chaudhry has blamed India for the COVID-19 situation in Pakistan. While several countries across the globe struggle to contain the Delta variant, Chaudhry claimed that the world "was close to victory" against the pandemic. 

Taking to Twitter, Fawad Chaudhry asserted that the Modi government's 'irresponsible' handling of COVID-19 has impacted Pakistan's efforts to tackle the pandemic. He added that the situation in India has pushed Pakistan into deep trouble. Moreover, he also attacked the Indian government for failing to tackle the Delta variant spread and said that 'Pakistan is again at the mercy of virus'.

(Image: AP)