IMF approves 1.4 Billion USD relief package for Pakistan

IMF package

The World Monetary Fund (IMF) approved a $ 1.4 billion relief package for Pakistan. Relief package to cope with the Coronavirus was approved at the IMF Executive Board meeting.

The IMF declares that Corona has had a significant impact on Pakistan’s economy and the government of Pakistan has taken swift action to curb the spread of the Coronavirus. An economic package has also been announced for this purpose and the government is increasing spending on public health.

Pakistan’s economy is severely affected by the Coronavirus and the economic uncertainty is rising. Pakistan needs external financing to overcome it, according to the statement.

The World Monetary Fund says a $ 1.4 billion relief package for Pakistan will improve Pakistan’s foreign exchange reserves. The package will meet budget requirements and help Pakistan overcome its foreign exchange reserves.

The IMF statement said that Pakistan could use this fund to cope with the effects of Corona. Funds would be issued to Pakistan under the Rapid Financing Instrument. Pakistan can meet the emergency requirements for balance payments.

The statement also said that the IMF is in close touch with Pakistan, talks will resume as Corona’s influence diminishes, with talks under the current $ 6 billion EFF program.