Pakistan receives first tranche of IMF bailout package

This is equivalent to a special drawing right (SDR) of $716 million. An SDR is an IMF unit for a financial transaction, which includes a mixed basket of currencies.

On July 3, the IMF executive board approved a $6 billion bailout package for Pakistan and immediately released $1bn to ease a sustained pressure on the country’s foreign exchange reserves.

The package, which supports the government’s efforts to revive the country’s ailing economy, includes a phased release of the additional aid over a 39-month period. The IMF will also conduct quarterly review of Pakistan’s performance over this period.

Article source: https://www.suchtv.pk/business/item/88264-pakistan-receives-first-tranche-of-imf-bailout-package.html