Pakistan to receive IMFs $1.4bn next week for COVID-19

Pakistan will get $1.4 billion from the International Monetary Fund (IMF) next week, under the Rapid Financing Instrument (RFI) to deal with the economic turmoil in the wake of coronavirus pandemic.

“We have been working with the Pakistani authorities since the request was placed … This $1.4 billion disbursement is scheduled to happen next week,” informed Teresa Daban Sanchez, the IMF Resident Representative in Pakistan, quoted Arab News.

It should be mentioned here that the $1.4bn loan to Pakistan from IMF is in addition to the country’s $6bn bailout package, the country signed with the IMF last year.

Last month, the State Bank of Pakistan cut its benchmark interest rate, lowering it by 150 basis points to 11pc, and announced a package of measures to support the economy and poorer workers hit by the pandemic. The country has reported over 4000 people infected by the virus, which has so far killed 58.

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