IMF hints at helping Pak to fight off COVID-19 impact

The International Monetary Fund (IMF) has announced that it would consider Pakistans request for financial assistance to shore up the countrys foreign exchange reserves and budgetary support due to the impact of the coronavirus pandemic on its economy, it was reported on Saturday.

"Our team is working expeditiously to respond to this request so that a proposal can be considered by the IMF's executive board as soon as possible," Dawn news quoted IMF Managing Director Kristalina Georgieva as saying in a statement released to the media by the Fund's Islamabad-based office on Friday.

On the sidelines of the government economic team's media briefing on March 25, Adviser to the Prime Minister on Finance Hafeez Shaikh had announced that Pakistan had arranged about $4 billion additional financial assistance from multilateral lending and aid agencies, including $1.4 billion additional funds from the IMF.

Soon after the announcement,Georgieva has confirmed Pakistan's request for financial assistance under the RFI to ensure prompt and adequate relief to the people and the economy.

This emergency financing, the IMF chief said, would allow the government to address additional and urgent balance of payments needs and support policies that would make it possible to direct funds swiftly to the country's most affected sectors, including social protection, daily-wage earners and the healthcare system.

On March 4, the IMF had announced that it would support vulnerable countries with different lending facilities, including through rapid-disbursing emergency financing, which could amount up to $50 billion for low-income and emerging markets, reports Dawn news.

Of this, $10 billion is available at zero interest for the poorest members through the Rapid Credit Facility (RCF).

Friday's announcement comes as Pakistan recorded the biggest single-day jump in the number of confirmed coronavirus cases.

The country has registered 1,363 cases with 11 deaths. Punjab province has topped Sindh with the maximum number of infections at 490.