SBP confirms receipt of $1.39bn in IMF aid for battle against coronavirus

State Bank of Pakistan on Wednesday confirmed it had received US$1.39 billion from the International Monetary Fund (IMF) under the Rapid Financing Instrument to address the economic impact of the coronavirus.

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On April 17, the IMF had approved the disbursement of the amount.

“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,” the international lender had said in a statement.

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

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

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