Coronavirus: IMF approves nearly $1.4 billion to Pakistan to meet balance of payment crisis
Coronavirus in Pakistan
The International Monetary Fund (IMF) on Thursday approved disbursement of USD1.386 billion as a financial assistance to Pakistan to meet its urgent balance of payment needs stemming from the COVID-19 outbreak.
Pakistan had requested the IMF for this help -- which was in addition to the USD 6 billion bailout package that Islamabad signed with the agency in July last year to stave off a balance of payment crisis.
It is being said that the domestic containment measures coupled with the global downturn are severely affecting growth and economy in Pakistan.
In response to the crisis, the government of Pakistan has taken swift action to halt the community spread of the virus and introduced an economic stimulus package aimed at accommodating the spending needed to tackle the health emergency and supporting economic activity.