IMF to decide on lending Pakistan $1.4bn for COVID-19

The International Monetary Fund’s (IMF) Executive Board would meet on Thursday to consider Pakistan’s request for $1.4 billion loan under the Rapid Financing Instrument (RFI), which has been requested to deal with the economic turmoil due to COVID-19.

Last month, the Managing Director of the IMF announced that the government of Pakistan has requested 1.4 billion dollars under the RFI and informed that the IMF was working to respond to this request so that a proposal can be considered by the IMF’s Executive Board as soon as possible.

It is pertinent to inform 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. As per Finance Adviser Abdul Hafeez Shaikh, the $1.4 billion loan will be a low cost, fast disbursing loan.

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