IMF Approves an Aid of 1.386 US$ for Pakistan

Due to the negative impact of COVID-19 on the economy of several countries, the IMF has granted 1.386 billion US dollar to Pakistan under the brisk financial mechanism

Authorities have decided to support the counties that are finding it hard to cope with the economy-related matters as there has been a lot of spending on health issues amid covid19. IMF has been trying to support these countries to control the financial loss and to minimize the negative impact of covid19 on the economy. 

The executive board of IMF has approved an aid or purchasing of 1.386 US dollars under the Rapid Financing Instrument (RFI) on 50 per cent of quota, to meet the needs in the emergency situation caused by covid19 pandemic.

In the discussion of the executive board of IMF, the following statement was made

“The outbreak of COVID-19 is having a significant on the Pakistani economy. The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing. This has created an urgent balance of payments need.

The government of Pakistan will be consuming this fund for the people of Pakistan to keep them safe during this pandemic, to balance payment needs, and to meet the financial and economical needs.

Further discussion will be carried out between Pakistan and the IMF on the impact of COVID-19 as the part of EFF.