Pak receives $1.39bn from IMF to cope with pandemic
Published By : Prameya News Bureau | April 23, 2020 IST
Share
Islamabad, April 23: Pakistan has received an emergency loan of $1.39 billion from the International Monetary Fund (IMF) to cope with the coronavirus pandemic, pushing the countrys foreign currency reserves apparently to a one-month high above $12 billion, the media reported on Thursday. "SBP (State Bank of Pakistan) has received $1.39 billion under the Rapid Financing Instrument (RFI) from the IMF," the central bank said in a tweet on Wednesday. The development, which was already expected, helped the Pakistani rupee to recover further ground against the US dollar, reports The Express Tribune. Earlier, the foreign currency reserves had dropped to a four-month low at $10.97 billion on April 10, 2020, according to the SBP's weekly update last week. The reserves had partly depleted due to capital pullout worth around $2.69 billion by short-term foreign investors from Pakistan's debt market over the past five to six weeks. Many of them sold premature treasury bills and long-term Pakistan Investment Bonds (PIBs) in panic following the pandemic. Foreign debt repayments also consumed the foreign currency reserves in the past four months. The IMF executive board approved the low-cost emergency loan last week to help Pakistan meet the urgent balance of payments (international payments) needs in the face of the pandemic, according to a recent IMF statement. "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," it said. (IANS)
News7 Is Now On WhatsApp Join And Get Latest News Updates Delivered To You Via WhatsApp
You Might Also Like
More From Related News
Stadium ban for women to be reintroduced in Iran
To combat sexual violence in conflicts, India calls for ‘gender-responsive arms control’
Ukraine to get largest-ever military aid package worth $619 million soon
Museum on Indo-France culture to be set-up in Delhi
Ten killed two Malaysian military helicopters collide mid-air
Hezbollah launched 35 rockets at Israel: IDF
Putin unpredictable, could use nuclear weapon, Navalny's widow warns
Israeli drone shot down over Lebanon: IDF
Israel-Hamas war: Palestinian death toll in Gaza rises to 34,097
7 killed, 23 injured in Sri Lanka car race accident
Polling for parliamentary polls underway in Maldives
Iran denies reports of first delivery of Russian Su-35 fighter jets
US man dies after self-immolation outside Trump criminal trial court
Israel launches missile attacks on Iran's Isfahan town
Israel-Hamas war: IDF carries out airstrikes in Rafah
Rain fury: 71 killed, 67 injured in Pakistan
Pak govt’s decision to ban X based on mere speculation: Islamabad HC
German Foreign Minister urges 'maximum restraint' in Middle East
World Hemophilia Day: Solidarity for people living with rare genetic disorder
Iran's President again warns Israel against counter-attack