Pakistan receives $1.39 billion from the International Monetary Fund (IMF). Payment is given to improve the balance of additional debt. Payment will also help to improve international reserves.
According to details, the State Bank says Pakistan received an additional loan amount of $ 1.39 billion from the International Monetary Fund (IMF). The installment was received through the rapid finance instrument.
Remember that the IMF board approved $1.38 billion for Pakistan. The statement said that the current uncertainty will have catastrophic effects. International reserves will be improved with the help of the IMF and the budget will be financed to increase temporary expenses.
The IMF said that Pakistan has announced a financial package to deal with the emergencies of health and economic activities. Pakistan requested an additional loan three weeks ago, on which IMF officials said $ 1.4 billion will be released to Pakistan next week.
In his statement, Deputy Managing Director of the IMF, Geoffrey Okamoto said that the coronavirus had a negative impact on Pakistan’s economy. The current situation is affecting Pakistan’s economic development.
It is important to note that the IMF is trying to assist countries to fight the Coronavirus. Earlier, there was a joint meeting of the Finance Ministers of the G20 countries and the IMF in which decisions were made on the issue of the Coronavirus.