Pakistan in talks with IMF for additional Rs1.4bn amid coronavirus crisis

Federal govt removes Hafeez Shaikh from NFC

ISLAMABAD: Pakistan is in talks with the International Monetary Fund (IMF) for an additional sum of Rs1.4 billion owing to the ongoing coronavirus crisis, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh announced on Wednesday.
“This sum of additional money is separate from the current programme”, Dr Shaikh said, referring to the ongoing three-year IMF Extended Fund Facility (EFF) worth $6 billion. Pakistan’s economy was growing stronger but the COVID-19 pandemic was expected to dent it considerably, he added.
Remittances were likely to fall, as was the tax collection, and a slowdown in the economic activity throughout the country was imminent, the adviser said in a press conference here in the federal capital.
The government has, however, already announced a Rs1.2-trillion economic and financial relief package to ward off the negative impact of the coronavirus, he said. It has further earmarked Rs200 billion for the labourers who would face extraordinary difficulties in the wake of nationwide lockdowns to contain COVID-19.


Please enter your comment!
Please enter your name here