The IMF calls a meeting on April 16 to give $ 1.4 billion to Pakistan due to the economic crisis caused by Coronavirus.
According to Local News, the Executive Board of the International Monetary Fund (IMF) called a meeting on April 16 to provide a loan of US $1.4 billion to tackle the economic challenges posed by the Coronavirus in Pakistan.
The IMF executive board meeting is likely to approve $ 1.4 billion of additional debt to Pakistan; these additional funds will be given to Pakistan under the Rapid Financing Instrument; Pakistan has requested to raise additional funds to deal with Corona’s negative effects.
There is already a $6 billion program under the Extended Fund Facility Program for Pakistan, under which Pakistan will receive the next installment of $45 million, but the conditions set for the program are implemented with the IMF. The episode has been postponed for not being there and the recent amnesty announced by the government for the construction sector is also likely to have a negative impact on the program, Pakistan has decided with the IMF that no more amnesty will be given during the program.
Sources say the Rapid Financing Instrument is likely to approve a new $40 million loan in the wake of the situation caused by the Coronavirus from the IMF board, while 45 under the Extended Fund Facility program The IMF will also be talking about the release of the next $1 million installment. Efforts will be made to approve the economic review of Pakistan at the same board meeting, otherwise, it will be tried along with the next economic review.