Pakistan receives $1.39 billion emergency loan from IMF

April 23, 2020 14:22

Cash-strapped Pakistan has received an emergency loan of USD 1.39 billion from the IMF to boost its foreign exchange reserves in the wake of the further economic downturn due to the coronavirus crisis. The USD 1.39 billion loan is in addition to the USD 6 billion bailout package that Pakistan has signed with the International Monetary Fund in July last year to stave off a balance of payment crisis.

"SBP (State Bank of Pakistan) has received $1.39 billion under the Rapid Financing Instrument (RFI) from the IMF," the central bank said in a tweet on Wednesday. Pakistan in March had requested the global money lender for a low-cost, fast-disbursing loan under its Rapid Financing Instrument to deal with the adverse economic impact of COVID-19.

The RFI is used to provide financial assistance to IMF member countries facing an urgent balance of payments need without requiring them to put a full-fledged programme in place. According to a report in The Express Tribune, the USD 1,39 billion loan will push Pakistan's foreign currency reserves apparently to a one-month high above USD 12 billion.

The IMF executive board approved the low-cost emergency loan last week to help Pakistan meet the urgent balance of the international payment needs in the face of the COVID-19 pandemic, according to a recent IMF statement. -- PTI

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