• Friday, March 29, 2024

Business

Pakistan requests emergency coronavirus financing: IMF

Children, along with their parents (not pictured) play outside the tents, setup amid fear of coronavirus, to quarantine people who crossed from Iran border post Taftan, on the outskirts of Quetta, Pakistan March 13, 2020 REUTERS/Naseer Ahmed/File Photo.

By: RadhakrishnaNS

Pakistan has requested an emergency loan disbursement from the International Monetary Fund to help fight the coronavirus under the fund’s Rapid Financing Instrument program, IMF Managing Director Kristalina Georgieva said on Friday.

She did not identify the size of the loan, but under the program, Pakistan would be able to borrow up to its full quota — about $2.76 billion  over two years, or $1.43 billion over a single year to meet urgent balance-of-payments needs.

Pakistan already has an IMF $6 billion Extended Fund Facility loan program and Georgieva said the Pakistani authorities “have reaffirmed their commitment to the reform policies included in the current arrangement.”

Pakistan Weekly

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