Islamabad: The International Monetary Fund (IMF) on Thursday approved a package of USD 1.4 billion in COVID-19 relief aid for Pakistan in a bid to help the country confront the economic impact of the prevailing pandemic, a news source reported.
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The fund took the decision of providing additional aid to Pakistan during its executive board meeting in which the global creditor approved the loan to improve Pakistan’s foreign exchange reserves and boost the budgetary support against the economic slump caused by the COVID-19 breakout.
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Prime Minister (PM) Imran Khan lauded the relief measures granted by the World Bank, IMF, and the G-20 countries for the world’s developing nations, including Pakistan. As per reports, the Adviser to Prime Minister on Finance and Revenue Affairs Dr Abdul Hafeez Shaikh informed the premier about the additional USD 1.4 billion aid by IMF and the progress on the economic stimulus package.
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Pakistan had submitted a request to IMF last month for a fast-disbursing, low-cost loan under its Rapid Financing Instrument (RFI) to counter the negative impact of COVID-19. Additionally, Pakistan had also requested China and its other creditors to announce debt relief packages for the country.