Coronavirus: IMF meeting on April 16 to approve $1.4bn for Pakistan
Pakistan will receive $1.4 billion or Rs 233 billion funds with no conditions
ISLAMABAD (Dunya News) – An International Monetary Fund (IMF) board meeting has been called on April 16 for the approval of a $1.4bn loan for Pakistan.
According to details, as the global economic landscape has been badly damaged by the coronavirus pandemic, international economic agencies have started arranging economic support for various countries through loans and grants.
In order to gain support for Pakistan’s struggling economy in this difficult time, the country has requested a low-cost, fast-disbursing loan from the IMF, for which a board meeting has been called in Washington on April 16.
In case approval is granted by the board, Pakistan will receive $1.4 billion or Rs 233 billion funds with no conditions.
The government of Pakistan had last month requested the monetary fund to give a low-cost, fast-disbursing loan under the fund’s Rapid Financing Instrument (RFI) to deal with the adverse economic impact of COVID-19.
IMF Resident Representative in Pakistan Teresa Daban Sanchez said, “We have been working with the Pakistani authorities since the request was placed … This $1.4 billion disbursement is scheduled to happen next week.”
“The IMF was working with the Ministry of Finance to make sure that Pakistan had enough resources to navigate through this difficult time,” she said.
Teresa Daban Sanchez went on to say, “Pakistani authorities remain committed to the policies and reforms outlined under the Extended Fund Facility (EFF) supported program.
“The EFF is still there. We’re working on that. But now the priority is to work on the rapid financing instrument and that’s why everybody is working on that,” Sanchez explained.
