Pakistan gets USD 1.39 billion loan from IMF

Published: Apr 24, 2020, 13:24 IST | Agencies | Karachi

The USD 1.39 billion loan is in addition to the USD 6 billion bailout package that Pakistan has signed with the in July last year to stave off a balance of payment crisis

People attend evening prayers in Karachi, Pakistan. PIC/AFP
People attend evening prayers in Karachi, Pakistan. PIC/AFP

Islamabad: Pakistan has received an emergency loan of $1.39 billion from the International Monetary Fund (IMF) to boost its foreign exchange reserves in the wake of the further economic downturn due to the Coronavirus crisis. The $1.39 billion loan is in addition to the $6 billion bailout package that Pakistan has signed with the in July last year to stave off a balance of payment crisis.

Pakistan in March had requested the IMF for a low-cost, fast-disbursing loan under its Rapid Financing Instrument to deal with the adverse economic impact of COVID-19. Pakistan on Thursday reported 742 new cases and 15 more deaths in the last 24 hours, taking the infection tally to 10,513 with 224 deaths in the country.

Globally, more than 2.6 million people are infected and at least 1,83,000 killed by the deadly COVID-19. 

Govt gives in to imams' demand

Pakistan government has given in to the demands of the imams who demanded that mosques be exempted from the COVID-19 lockdown during Ramzan, New York Times reported on Thursday. It said the govt had on Saturday signed a deal allowing mosques to remain open if people follow 20 rules, including maintaining a six-foot distance while praying.

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