ISLAMABAD: Advisor to Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh has announced that the International Monetary Fund (IMF) will approve a $1.4 billion loan today.
During an informal conversation with the media in Islamabad today, Dr. Abdul Hafeez Shaikh said that through the IMF’s loan of $1.4 billion, Pakistan will be able to take action against the coronavirus outbreak.
The finance minister also called on Prime Minister Imran Khan, in which he apprised the prime minister of the $ 1.4 billion additional concession allowance from the IMF to tackle the economic impact of the coronavirus.
The IMF’s Executive Board is scheduled to meet today to consider Pakistan’s request for a $1.4 billion loan under the Rapid Financing Instrument (RFI).
The country earlier requested IMF for an additional $1.4 billion through RFI which provides rapid and low-access financial assistance to member countries facing an urgent balance of payments need.
The World Bank’s Board of Executive Directors had already approved a $200 million package to help Pakistan in taking effective and timely action to respond to the COVID-19 pandemic by strengthening the country’s national healthcare systems.
This support would also draw an additional $38 million from eight existing projects for urgently needed medical equipment and supplies.
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