$3.7 Billion Required to Fight with Coronavirus
Pakistan, March 26 -- Pakistan has decided to seek $3.7 billion additional financings from three multilateral creditors including another loan of $1.4 billion from the International Monetary Fund (IMF) to cope with the challenges being posed by the novel coronavirus outbreak. In addition to the IMF loan, the World Bank and the Asian Development Bank will extend loans of $1 billion and $1.25 billion respectively to the country, Adviser to the PM on Finance Dr Abdul Hafeez Shaikh said at a news conference on Wednesday. The step is aimed at soothing the markets that remained in panic despite Prime Minister Imran Khan announcing a Rs1.2 trillion economic relief package a day earlier. Pakistan announced the decision on the same day the IMF and...
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