IMF grants $1.3bn aid to Pakistan

ISLAMABAD: In a bid to stem the economic impact of Coronavirus, the International Monetary Fund (IMF) has granted financial aid of worth of $1.3 billion to Pakistan under the Rapid Financing Instrument (RFI).

The announcement was made in a statement issued by the institution.

The Executive Board of the IMF had decided to lend major support by stemming the effects, given the current conditions and declining reserves due to increased spending in the health and social sector.

The Board further announced to renew commitment to implement policies under the existing Extended Fund Facility (EFF).

The government will utilise the allocated funds to meet the urgent balance of payments needs, provide financing to the budget allocated for targeted and temporary spending to contain the pandemic and mitigate its economic impact.

The IMF and government also plan to carry out discussions on the impact of COVID-19 as part of the current EFF, the institution further added.

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