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Pakistan

IMF to consider Pakistan's $1.4bn loan request today

The RFI has been requested to deal with the economic turmoil in the wake of coronavirus in Pakistan. The $1.4b
16 Apr 2020
  • The RFI has been requested to deal with the economic turmoil in the wake of coronavirus in Pakistan.
  • The $1.4bn loan to Pakistan from IMF is in addition to the country's $6bn bailout package, the country signed with the IMF last year.

The International Monetary Fund’s (IMF) Executive Board is scheduled to meet today to consider Pakistan's request for a $1.4 billion loan under the Rapid Financing Instrument (RFI).

The RFI has been requested to deal with the economic turmoil in the wake of coronavirus. Last month, the Managing Director of the IMF announced that the government of Pakistan has requested 1.4 billion dollars under the RFI and stated that a Fund's team was working expeditiously to respond to this request so that a proposal can be considered by the IMF's Executive Board as soon as possible.

It is pertinent to inform that the $1.4bn loan to Pakistan from IMF is in addition to the country's $6bn bailout package, the country signed with the IMF last year.

“This $1.4 billion we are requesting will be a low cost, fast disbursing loan," said Finance Adviser Abdul Hafeez Shaikh. He said Pakistan would like the IMF to consider the loan separately to funds it had already set aside for losses to economies across the world due to the pandemic.

“We would like to secure funds for us before those losses are evaluated," he said.

Meanwhile, Foreign Minister Shah Mahmood Qureshi today (Thursday) informed that Pakistan is expected to get major debt relief from the IMF in wake of economic turmoil generated due to coronavirus pandemic.

Qureshi informed this relief will be for one year and will be applicable from the 1st of May.