ISLAMABAD: The International Monetary Fund (IMF) on Wednesday disbursed US$1.39 billion to help Pakistan address the economic impact of the COVID-19 shock.
“State Bank of Pakistan (SBP) has received $1.39 billion under Rapid Financing Instrument by the IMF”, the bank conveyed through its official twitter account.
On April 17, the executive board of the IMF had approved the disbursement of $1.386 billion under the Rapid Financing Instrument (RFI) to help Pakistan address challenges of COVID-19 outbreak.
The IMF support would help to provide a backstop against the decline in international reserves and provide financing to the budget for targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact.
In her recent statement, Resident Representative of International Monetary F-und in Pakistan, Maria Sanchez appreciated the government’s decisive response to COVID-19, including cash transfers to most vulnerable families, lowering down policy rate, eliminating import duties on several items, and other initiatives to provide relief for the low income segments of society.