IMF approves $1.386bn aid for Pakistan to combat virus

IMF approves $1.386bn aid for Pakistan to combat virus

Islamabad (Agencies): The International Monetary Fund (IMF) on Thursday night approved the disbursement of $1.386 billion to Pakistan under the Rapid Financing Instrument (RFI) to address the economic impact of the Covid-19 shock.

“The Executive Board of the IMF approved a purchase of Pakistan under the RFI equivalent to SDR 1,015.5 million ($1.386 billion, 50 per cent of quota) to meet the urgent balance of payments needs stemming from the outbreak of the Covid-19 pandemic,” the IMF said in a statement.

“We support Pakistan's decisive measures to limit the impact of COVID19 on livelihoods and save lives. Our Board approved US$1.386 billion to further support the Pakistani people as they weather this crisis,” IMF Managing Director Kristalina Georgieva said in a tweet.

Reported cases of the coronavirus crossed 2.14 million globally and 143,744 people have died.

The number of confirmed COVID-19 cases in Pakistan on Friday rose to 7,027.