IMF focuses on rapid financing instrument to help Pakistan combat COVID-19.

Washington -- The International Monitory Fund said on Friday that Pakistan, on the status of their extended fund facility, which was in place before the crisis hit, remains in effect.

"Discussions were paused due to the outbreak of the pandemic, and there was a focus on the rapid financing instrument to help Pakistan combat COVID-19, and, again, that has been approved; $1.4 billion, our Executive Board has approved for Pakistan," said Gerry Rice of the IMF's Communication Department in a press briefing.

Rice said technical discussions continued with the authorities on the Extended Fund Facility (EFF) that's the other instrument through which we're supporting Pakistan. This would be the second review. We hope to bring it to a positive conclusion as soon as possible.

Rice said: "What else can I say, on the G20 Initiative and developing countries, including Pakistan? Again, you know, going back to what I said earlier, on this Debt Relief Initiative, you know, it's important to recognize that developing countries include some very poor and indebted nations, but they also include many countries that have been developing successfully. So, it's a broad spectrum, and I know many of you know that, but it's important to keep that in mind. So, for many of these countries, you know, that have been developing successfully, for many of them, attaining creditworthiness, the ability and the willingness to repay their debts, constitutes a hard-fought success."

The IMF official said: "So, that's why I said earlier that a few developing countries have said, publicly, that they're not inclined to take up the G20 Debt Suspension Initiative, you know, partly, because of that reason. What they want is a level playing field, in the form of stable access to...