The State Bank of Pakistan (SBP) has received $1.39 billion dollar under the Rapid Financing Instrument (RFI) from the International Monetary Fund (IMF).
“SBP has received $1.39bn under Rapid Financing Instrument by the IMF,” stated the central bank in a tweet post on Wednesday.
The IMF on Thursday said its executive board had approved $1.386 billion in emergency financing to Pakistan to meet the balance of payments needed stemming from the novel coronavirus pandemic.
The funds, to come from the IMF’s Rapid Financing Instrument, will help Pakistan deal with a decline in international reserves and allow it to fund targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact, the IMF said.
IMF First Deputy Managing Director Geoffrey Okamoto said: “expeditious donor support was needed to close the remaining balance of payments gap and ease the adjustment burden.”