Left Menu
Development News Edition

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

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.

ANI | Islamabad | Updated: 26-03-2020 21:36 IST | Created: 26-03-2020 21:36 IST
Pak to seek USD 3.7 bn in loans to offset virus impact
Representative image. Image Credit: ANI

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 World 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 World Bank made an appeal to all bilateral creditors to suspended debt repayments by countries that were eligible for loans from the World 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. (ANI)

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

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION / BLOG / INTERVIEW

Education post-coronavirus: Schools to rush for more digitalization

Digital education would undoubtedly boom in the post-coronavirus world, supported by educational institutions that have discovered its efficiency during the crisis, but it is still not expected to outshine traditional classroom learning....

Public health care post-COVID 19 to go for revamping, not rebooting

Until now, the economies used to classify healthcare sector under social expenditure. However, the devastation caused by COVID 19 pandemic has upgraded public healthcare on topmost priority and core economic activity for controlling future ...

Coronavirus lockdowns to speed up long-pending revamping of supply chains

With millions of production lines impacted, business disruptions to some extent are unavoidable and the lessons learned from this turbulence will leave an everlasting impact on both global and local levels of supply chains....

COVID 19 to catalyze the redefinition of urban planning and sustainability

Until now the urban planning was focused on mitigation to natural disastrous, climate change, pollution, chronic illness and lifestyle diseases. However, the global pandemic of novel coronavirus is going to change the whole narrative of urb...

Videos

Latest News

Goa reports two more positive COVID-19 cases

Two more coronavirus positive cases were reported from Goa on Sunday.One person has travel history to the Bahamas. The other person was in contact with one of the three positive patients in the state. Both are from Goa and are already under...

20 new cases in Kerala, migrant workers hit streets

Kerala reported 20 positive cases of coronavirus on Sunday, taking the total number of those undergoing treatment for the deadly infection in the state to 181 while 1.41 lakh people are under observation, Health Minister KK Shailaja said. W...

Partisan divide returns in U.S. Congress on coronavirus next steps

Fresh partisan divisions flared on Sunday on the next steps for the U.S. Congress in dealing with the coronavirus crisis, with the top House of Representatives Republican casting doubt on the need for more economic stimulus legislation whil...

Coronavirus: Confirmed cases cross 1,000; Govt orders sealing of state, district borders to check mass infection

The nationwide tally of confirmed Coronavirus cases crossed the 1,000-mark and the death toll reached 27 on Sunday, even as the central government ordered sealing of all state and district borders to check community transmission of the dead...

Give Feedback