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Pakistan engages IMF for $1.4b further grant over coronavirus

by Pakistan Latest News Update

ISLAMABAD – Adviser to the Prime Minister on Finance and Income Dr Abdul Hafeez Shaikh on Wednesday stated in view of the evolving state of affairs as a result of unfold of coronavirus (COVID-19), the federal government has initiated negotiations with the Worldwide Financial Fund (IMF) for an extra grant of $1.four billion on fast-track foundation.

The federal government’s monetary group had made a complete funds mobilization technique for buying $1 billion from the World Financial institution (WB) and $3.5 million from the Asian Improvement Financial institution, apart from early launch of $900 million earmarked by the latter for various initiatives, he stated whereas addressing a press convention.

He was flanked by Adviser to the Prime Minister on Commerce, Textile and Trade Abdul Razak Dawood, Federal Minister for Financial Affairs Muhammad Hammad Azhar, Particular Assistant to the PM on Data and Broadcasting Dr Firdous Ashiq Awan and Particular Assistant to the Prime Minister on Petroleum Nadeem Babar.

The adviser stated the $1.four billion grant could be in step with the earlier programme Pakistan had with the fund, which might be disbursed on the earliest.

Minister Hammad Azhar stated the federal government was totally centered and dedicated to facilitate the individuals within the essential state of affairs.

The availability of medical amenities and meals to the individuals was the topmost precedence of the federal government and for that the federal government would pursue the WB and the ADB to launch their assist amounting to $600 million on completely different counts on quick monitor foundation, he added.

Nonetheless, all of the worldwide monetary establishments could be engaged for financial help when the coronavirus had been overcome, he stated.

Hammad stated,“We are also in coordination with Japan Intentional Cooperation Agency (JICA) to get assistance for providing facilities to the people in current situation.”

He stated the federal government would offer amenities to the enterprise neighborhood for persevering with enterprise actions sin the nation.

Adviser on Commerce Abdul Razak Dawood stated it was the federal government’s precedence authorities to save lots of the home companies, together with Small and Medium Enterprises (SMEs), retailers and labour.

SAPM Dr Firdous Ashiq Awan stated the media had been taking part in an vital position within the present disaster and the federal government would take all obligatory security measures to guard the lives of journalists.

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