- Pakistan has asked for 1.4 billion dollars under RFI.
- It can be mentioned here that a $ 1.4 billion loan to Pakistan from the IMF is in addition to the country’s $ 6 billion bailout package, the country signed with the IMF last year.
Pakistan will receive $ 1.4 billion from the International Monetary Fund (IMF) next week, under the Rapid Financing Instrument (RFI) to deal with economic turmoil after coronavirus.
On March 29, 2020, the IMF Managing Director announced that the Pakistani government had requested 1.4 billion US dollars under the RFI and stated that the Fund team was working quickly to respond to this request so that the proposal could be considered by the IMF Executive. Board as soon as possible.
“We have been working with Pakistani authorities since the request was submitted … The $ 1.4 billion disbursement is scheduled to take place next week,” Teresa Daban Sanchez, IMF Resident Representative in Pakistan, was quoted as saying. Arabic News.
It must be mentioned here that a $ 1.4 billion loan to Pakistan from the IMF is in addition to the country’s $ 6 billion bailout package, the country signed with the IMF last year.
“This is the $ 1.4 billion that we have requested will be a low-cost and fast loan,” said Financial Advisor Abdul Hafeez Shaikh. He said Pakistan wanted the IMF to consider lending separately for funds that had been set aside for economic losses worldwide due to the pandemic.
“We want to secure funds for us before the losses are evaluated,” he said.
Last month, the State Bank of Pakistan cut its benchmark interest rate, lowered it by 150 basis points to 11 percent, and announced a package of measures to support the economy and poorer workers affected by the pandemic. The country has reported more than 4000 people infected by the virus, which so far has killed 58 people.