Pakistan gets $1.39 billion aid from IMF

0
622
IMF predicts Pakistan's economy to recover during financial year 2021

ISLAMABAD: State Bank of Pakistan (SBP) on Wednesday received $1.39 billion under the Rapid Financing Instrument (RFI) from the International Monetary Fund (IMF).
The announcement was made by the central bank’s twitter handle, saying “SBP has received $1.39bn under Rapid Financing Instrument by the IMF.”
Last week the International Monetary Fund (IMF) had approved a $1.386 billion funding for Pakistan to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.
The IMF approved the disbursement of $1.386 billion under the Rapid Financing Instrument in a meeting of its executive board members in Washington DC on Thursday for Pakistan to address the economic impact of the Covid-19 shock.
While uncertainty remains high, the near-term economic impact of COVID-19 is expected to be significant, giving rise to large fiscal and external financing needs. The IMF support will help to provide a backstop against the decline in international reserves and provide financing to the budget for targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact.
The IMF remains closely engaged with the Pakistani authorities and as the impact of the COVID-19 shock subsides will resume discussions as part of the current EFF.

LEAVE A REPLY

Please enter your comment!
Please enter your name here