IMF Executive Board approved the disbursement of US$1.386 billion under the Rapid Financing Instrument to address the economic impact of COVID-19.

The official statement stated that with the near-term outlook deteriorating sharply, the authorities have swiftly put in place measures to contain the impact of the shock and support economic activity.

Crucially, health spending has been increased and social support strengthened. As the impact of the COVID-19 shock subsides, the authorities' renewed commitment to implement the policies in the existing EFF will help support the recovery and strengthen resilience.

The Executive Board of the International Monetary Fund (IMF) approved a purchase of Pakistan under the Rapid Financing Instrument (RFI) equivalent to SDR 1,015.5 million (US$ 1.386 billion, 50 percent of quota) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.

The IMF remains closely engaged with the Pakistani authorities and as the impact of the COVID-19 shock subsides will resume discussions as part of the current EFF.