– Funding countries concentrate on the emergency situation of a $ 1.4 billion grant to Pakistan amid a COVID-19 pandemic
The International Monetary Fund (IMF) has actually delayed the approval of the second review of the $ 6 billion bailout program, set for Friday, because it delayed the implementation of actions agreed by Pakistan, which stated, for the time being, it was concentrated on fast funding of the $ 1 center, 4 billion, said a report.
It may be recalled here that the IMF and Pakistan have actually reached a staff-level contract by the end of February this year, which is expected to lead to a $ 450 million dispensation in IMF funds if authorized by the IMF executive board.
“IMF staff and Pakistani authorities have reached a staff-level agreement on the policies and reforms needed to complete a second review of an authority reform program supported under the Extended Fund Facility (EFF),” Ernesto Ramirez Rigo, IMF Chief of Purpose for Pakistan, has actually stated in the declaration given from Washington.
“The priority now is to move forward with the Rapid Financing Instrument (RFI). The IMF team and Pakistani authorities are working hard to get approval and immediate disbursement, “a paper estimates that IMF Citizen Agent Teresa Dabán Sanchez stated.
On March 25, Financing Consultant Prime Minister Hafeez Shaikh said Pakistan approached the IMF with a $ 1.4 billion request to reduce the financial impact of the corona virus pandemic. Attending the interview, he actually stated this amount was different from the current $ 6 billion program in which the World Bank would also supply $ 1 billion for the country to support its efforts against the corona pandemic.
The Ministry of Finance representative informed the regional media outlets that his ministry was not concerned with the IMF’s decision regarding the April 10 conference on.
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