IMF appreciates Pakistan’s swift relief response

The International Monetary Fund (IMF) Managing Director Kristalina Georgieva has lauded Pakistan’s swift move to offer relief response to the people.

Georgieva said in one of her statement “Prime Minister Khan and his government have swiftly approved an economic stimulus package aimed at containing the spread of the virus and providing support to affected families and businesses.”

She also appreciated the State Bank of Pakistan (SBP) for its “timely set of measures” and stated “the State Bank of Pakistan has adopted a timely set of measures, including a lowering of the policy rate, new refinancing facilities to support the flow of credit, and temporary regulatory relief measures.”

WB and IMF call for suspension of debt payments

Yesterday,  adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh had announced that talks is being held between Pakistan and IMF for an additional sum worth $1.4 billion to contain ongoing coronavirus crisis.

He added that the additional money is separate from the current programme of ongoing three-year Extended Fund Facility (EFF) worth $6 billion.

The adviser stated that the economy of Pakistan was growing stronger but the COVID-19 pandemic was expected to halt it considerably.

Hafeez Sheikh had admitted that remittances and tax collection were likely to fall and a slowdown in the economic activity throughout the country was imminent.