IMF working on emergency coronavirus fund request, lauds Pakistan's swift relief response.

WASHINGTON/KARACHI -- The International Monetary Fund was working on Pakistan's request for emergency funds to deal with the COVID-19 coronavirus pandemic, its managing director said in a statement issued Friday, adding that it appreciated the country's swift move to offer relief response to the people.

In her latest statement, IMF Managing Director Kristalina Georgieva noted how Pakistan was working to resolve its economic challenges, lauding Prime Minister Imran Khan's government for speedily giving the green signal to a relief package worth Rs1.2 trillion, as well as the State Bank of Pakistan (SBP) for its "timely set of measures".

"Prime Minister Khan and his government have swiftly approved an economic stimulus package aimed at containing the spread of the virus and providing support to affected families and businesses," Georgieva said.

"Similarly, the State Bank of Pakistan has adopted a timely set of measures, including a lowering of the policy rate, new refinancing facilities to support the flow of credit, and temporary regulatory relief measures," she added.

The top IMF official mentioned that Pakistan had recently requested emergency financial aid under the global body's Fund's Rapid Financing Instrument (RFI) to address the country's balance of payments requirements. It would "support policies that would make it possible to direct funds swiftly to Pakistan's most affected sectors, including social protection, daily wage earners, and the healthcare system", she said.

"Our team is working expeditiously to respond to this request so that a proposal can be considered by the IMF's Executive Board as soon as possible.

'In parallel, the authorities have reaffirmed their commitment to the reform policies included in the current arrangement under the Extended Fund...