Imf grants pakistan over one billion us dollars

imf grants pakistan over one billion us dollars

The IMF said in washington that this would enable the sudanese country to increase its foreign exchange reserves, boost spending on health care and do more to cushion the economic impact of the crisis. The pandemic has already had a significant impact on the economy, he continued. The IMF funds have improved pakistan’s financial situation, which has been allowed to attract the support of other donors, he continues.

Dozens of countries have already applied to the IMF for emergency aid or loans because of the corona crisis. The washington-based organization unveiled its latest economic forecast on tuesday. Because of the coronavirus pandemic, the global economy will shrink dramatically this year," explained rast. The IMF expects the worst global recession in almost a century. Pakistan’s economy suffers from high budget deficits, double-digit inflation and low tax revenues.

Prime minister imran khan had already announced a national financial package of 1.2 billion pakistani rupees (about 6.6 billion euros) by the end of march. Economists had predicted mass unemployment for the country of more than 200 million people as a result of the nationwide curfews. More than 18 million people, mostly day laborers, could lose their jobs as a result of corona. Pakistan had therefore already decided on tuesday to relax the corona acceptance criteria.

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