$1.4bn Covid-19 emergency aid 'additional' to $6bn bailout package: IMF

ISLAMABAD: The International Monetary Fund (IMF) clarified on Saturday the disbursement of $1.4 billion to Pakistan to address the economic impact of the coronavirus is “additional” to the existing $6 billion programme.

“The $1.4 billion RFI [Rapid Financial Instrument] disbursement is additional to the $6 billion EFF [Extended Fund Facility] to help Pakistan’s immediate efforts to COVID-19,” the Fund said in a tweet.

The $1.4 billion RFI disbursement is additional to the $6 billion EFF to help Pakistan’s immediate efforts to COVID-19. The EFF remains in place. Staff & authorities continue to work closely to bring the second review to the IMF Board as soon as possible.

— IMF Pakistan (@imf_pakistan) April 18, 2020

“The EFF remains in place. Staff & authorities continue to work closely to bring the second review to the IMF Board as soon as possible,” it added.

Earlier, on April 17, the IMF had approved disbursement of $1.386 billion for Pakistan under the Rapid Financing Instrument to address the economic impact of the Covid-19.

A statement issued after a meeting of the Fund’s Executive Board said: “As the impact of the Covid-19 shock subsidies, the authorities’ renewed commitment to implement the policies in the existing EFF will help support the recovery and strengthen resilience.”