Pakistan receives $1.39 bn loan from IMF to deal with coronavirus crisis



Cash-strapped Pakistan has received an emergency loan of $1.39 billion from the International Monetary Fund (IMF) to boost its foreign exchange reserves in the wake of the coronavirus crisis.
The $1.39 billion loan is in addition to the $6 billion bailout package that Pakistan had signed with the IMF in July last year to stave off a balance of payment crisis. "SBP (State Bank of Pakistan) has received $1.39 billion under the Rapid Financing Instrument (RFI) from the IMF," the central bank said in a tweet on Wednesday.
Pakistan in March had requested the global moneylender for a low-cost, fast-disbursing loan under its Rapid Financing Instrument (RFI) to deal with the adverse economic impact of the pandemic. The RFI is used to provide financial assistance to IMF member countries facing an urgent balance of payments need without requiring them to put a full-fledged programme in place. Read More

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