Pakistan gets $1.39b from IMF to shore up economy

Pakistan has received $1.39 billion by the International Monetary Fund (IMF) to shore up economy, according to the State Bank of Pakistan’s tweet. This is a loan under the Rapid Financing Instrument. It was approved by the IMF on April 17 to bolster the economy during the COVID-19 pandemic. It is expected to meet urgent balance of payment needs that have arisen due to the pandemic.

An IMF press release noted that the country’s health spending and social welfare support have increased during this time. Pakistan has recorded just over 100 deaths but experts have voiced fear that the country o could see a devastating increase due to its shortage of medical infrastructure.

Source: Samaa