Pakistan In Focus- ECONOMIC TIMES OF PAKISTAN-Pakistan wins $1.4bn IMF emergency loan.
The International Monetary Fund (IMF) on Thursday approved an emergency loan of $1.4 billion for Pakistan, as Islamabad is also expected to get around $1.5 billion relief in the shape of delay in repayment of loans to bilateral creditors.
Pakistan is not among the nations whose debts will be written off by the rich nations and multilateral institutions. But it has been offered both, cheap financing by the multilateral creditors and debt rollover by the bilateral creditors.
"The IMF Executive Board approved a purchase of Pakistan under the Rapid Financing Instrument (RFI) equivalent to $1.386 billion (50 percent of quota) to meet the urgent balance of payment needs stemming from the outbreak of the Covid-19 pandemic," says a statement issued by the global lender in the wee hours of Friday.
"While uncertainty remains high, the near-term economic impact of Covid-19 is expected to be significant, giving rise to large fiscal and external financing needs," the statement said, adding that the IMF support would help provide a backstop against the decline in international reserves and provide financing to the budget for targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact.
It said the IMF remained closely engaged with the Pakistani authorities and as the impact of the Covid-19 shock subsides, it would resume discussions as part of the current Extended Fund Facility Programme.
Dr Reza Baqir, the governor of the State Bank of Pakistan, said, "Pakistan will receive a significant boost to its foreign exchange reserves and fiscal space to combat Covid-19 through $1.4 billion RFI [Rapid Financing Instrument] approval by the IMF as well as the debt relief from official creditors approved...
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