IMF approves $1.4 billion transfer for Pakistan
Aid should be used to finance budget and bolster foreign reserves, IMF executive board says
The International Monetary Fund’s executive board approved a transfer worth nearly $1.4 billion to Pakistan on April 16, as the country’s authorities’ try to tackle Covid-19.
The IMF made available over 1 billion in special drawing rights, or 50% of Pakistan’s quota in the fund, through its Rapid Financing Instrument.
“With the near-term outlook deteriorating sharply, the authorities have swiftly put in place measures to contain the impact of the shock and support economic activity,” the IMF
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