• Wednesday, May 29, 2024

Coronavirus

IMF says Pakistan requests emergency coronavirus financing

Pakistan’s prime minister Imran Khan (REUTERS/Denis Balibouse).

By: Sarwar Alam

Pakistan has requested an emergency loan disbursement from the International Monetary Fund to help fight the coronavirus under the fund’s Rapid Financing Instrument program, IMF managing director Kristalina Georgieva said.

She did not identify the size of the loan, but under the program, Pakistan would be able to borrow up to its full quota — about $2.76 billion — over two years, or $1.43 billion over a single year to meet urgent balance-of-payments needs.

Pakistan already has an IMF $6 billion Extended Fund Facility loan program and Georgieva said the Pakistani authorities “have reaffirmed their commitment to the reform policies included in the current arrangement.”

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