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Pak to seek USD 3.7 bn in loans to offset virus impact

ANI  |  Asia 

Pakistan has decided to seek USD 3.7 billion additional financing from three multilateral creditors including another loan of USD 1.4 billion from the International Monetary Fund (IMF) to cope with the challenges faced due to the coronavirus outbreak.

In addition to the IMF loan, the Bank and the Asian Development Bank will extend loans of USD 1 billion and USD 1.25 billion respectively to the country, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh said, as reported by The Express Tribune.

The move is aimed at helping the markets that remained in panic despite Prime Minister Imran Khan's announcement of an Rs 1.2 trillion economic relief package on Wednesday.

Pakistan has announced the decision to seek loans on the same day the IMF and the Bank made an appeal to all bilateral creditors to suspended debt repayments by countries that were eligible for loans from the Bank's arm, the International Development Assistance.

As of Thursday, Pakistan's total tally of cases stood at 1,118 and eight deaths.

While Sindh has reported 421 cases, there are 335 cases in Punjab and 131 cases in Balochistan, followed by 121 in Khyber Pakhtunkhwa, 85 in Pakistan-occupied Kashmir (PoK) and 25 in Islamabad.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 26 2020. 21:30 IST