WASHINGTON DC – IMF Considers Pakistan’s Request For Additional Funds. The International Monetary Fund (IMF) will consider Pakistan’s request for a $1.4 billion loan under Rapid Financing Instrument (RFI).
According to details, IMF’s executive board will meet today to consider Pakistan’s request. The RFI has will deal with the economic turmoil in the wake of coronavirus. Government of Pakistan requested this loan last month. Meanwhile, this $1.4bn loan will be in addition to the Pakistan’s $6bn bailout package signed last year.
Finance advisor Hafeez Sheikh said this loan will be a low-cost, fast distributing loan. He said Pakistan would like the IMF to consider the loan separately. To funds it had already set aside for losses to economies across the world due to the pandemic.
Meanwhile, Foreign Minister Shah Mahmood Qureshi has informed that Pakistan is expected to get major debt relief from the IMF in wake of economic turmoil generated due to coronavirus pandemic. Qureshi informed this relief will be for one year and will be applicable from the 1st of May.
IMF Considers Pakistan’s Request For Additional Funds.