Islamabad: Pakistan has received an emergency loan of $1.39 billion from the International Monetary Fund (IMF) to cope with the coronavirus pandemic, pushing the country's foreign currency reserves apparently to a one-month high above $12 billion, the media reported on Thursday.
"SBP (State Bank of Pakistan) has received USD 1.39 billion under the Rapid Financing Instrument (RFI) from the IMF," the central bank said in a tweet on Wednesday.
The development, which was already expected, helped the Pakistani rupee to recover further ground against the US dollar, reports The Express Tribune.
Earlier, the foreign currency reserves had dropped to a four-month low at USD 10.97 billion on April 10, 2020, according to the SBP's weekly update last week.
The reserves had partly depleted due to capital pullout worth around USD 2.69 billion by short-term foreign investors from Pakistan's debt market over the past five to six weeks.