The State Bank of Pakistan (SBP) has received $1.39 billion from the International Monetary Fund (IMF) under the Rapid Financing Instrument (RFI).

The central bank Tweeted, “SBP has received $1.39bn under Rapid Financing Instrument by the IMF.”

#SBP has received $1.39 bn under Rapid Financing Instrument by the #IMF.

— SBP (@StateBank_Pak) April 22, 2020

Earlier on Thursday,IMF announced that its executive board had approved $1.386 billion for Pakisran in emergency financing to meet the balance of payments needed stemming from the COVID-19 pandemic.

The IMF stated that the fund came under the Rapid Financing Instrument (RFI) which will help Pakistan deal with a decline in international reserves and allow it to fund targeted and temporary spending increases aimed at containing the coronavirus pandemic and mitigating its economic impact.

IMF’s first deputy managing director Geoffrey Okamoto said in a 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.”

He said “The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing.”

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