Pakistan received huge Rapid Financing grant worth $1.39 billion from IMF

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Pakistan received huge Rapid Financing grant worth $1.39 billion from IMF

KARACHI: The State Bank of Pakistan (SBP) has received $1.39 billion from the International Monetary Fund (IMF).

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

Earlier, on April 17, the Executive Board of the IMF had approved the disbursement of $1.386 billion to help Pakistan address the economic impact of COVID-19 shock.

Then in a tweet on April 18, the IMF clarified that the RFI money was in addition to the existing Extended Fund Facility (EFF) of $6 billion.

According to a press statement, the IMF projected the near-term economic impact of COVID-19 to be significant, as it would give rise to large fiscal and external financing needs.