Earlier this month, the International Monetary and Financial Committee (IMFC), a subcommittee of IMF, has officially called for a comprehensive proposal on the allocation of $650 billion to the beneficiary countries, in new Special Drawing Rights (SDRs) in response to the coronavirus pandemic.
While Moody’s has issued a statement highlighting that the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) could provide ‘meaningful support’ to countries like Pakistan.
Under IMF Quota, Pakistan has weightage of roughly 0.426 per cent share in total SDR which indicates that the further allocation can benefit up to $2.5-3 billion for Pakistan, providing respite for efficient management of external payments.
SDRs are international reserve assets that have been created to support IMF member countries’ official foreign exchange reserves; SDRs are then exchanged for US Dollar to help meet International payments, including those for Trade and External Payments.
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