KARACHI: The State Bank of Pakistan (SBP) has received $1.39 billion fromthe International Monetary Fund (IMF).
“SBP has received $1.39bn under Rapid Financing Instrument by the IMF,” thecentral bank said in a tweet earlier on Wednesday.
Earlier, on April 17, the Executive Board of the IMF had approved thedisbursement of $1.386 billion to help Pakistan address the economic impactof COVID-19 shock.
Then in a tweet on April 18, the IMF clarified that the RFI money was inaddition to the existing Extended Fund Facility (EFF) of $6 billion.
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According to a press statement, the IMF projected the near-term economicimpact of COVID-19 to be significant, as it would give rise to large fiscaland external financing needs.
