Coronavirus Updates: Pakistan received $1.39 billion under Rapid Financing Instrument IMF

Pakistan has received  $1.39 billion under Rapid Financing Instrument from the International Monetary Fund (IMF) to combat the with the monetary impact caused amid coronavirus pandemic , State Bank of Pakistan confirmed.

“SBP has received $1.39bn under Rapid Financing Instrument by the IMF,” said the SBP in a tweet.

Over 200 deaths have been confirmed in Pakistan. Health experts have warned that Pakistan could see a devastating and swift rise in confirmed cases and number of deaths amid shortage of medical infrastructure and crowded cities.

Keeping tough times ahead in view IMF had approved instant disbursement of the $1.39 billion on April 17. The rapid financing instrument covers emergencies.

“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,” IMF said in a statement

“The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing,” Geoffrey Okamoto, the IMF’s deputy managing director.

“This has created an urgent balance of payments need,” he added.