International Monetary Fund (IMF)

Coronavirus crisis: IMF offers to provide Pakistan with big debt relief

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International Monetary Fund (IMF)

Foreign Minister Shah Mahmood Qureshi said Thursday that the International Monetary Fund (IMF) has agreed to provide Islamabad with a one-year relief, keeping in mind the country’s fight against the coronavirus pandemic.

“The pandemic struck the most hard on developed nations,” Qureshi told Geo Pakistan.
The remarks by the foreign minister follow Wednesday’s decision by the G20 nations to offer a one-year debt relief to the world’s poorest nations as they struggle to cope financially with the coronavirus pandemic.

“Prime Minister Imran Khan had applied to the IMF for debt relief that was approved by the Fund for developing countries. The IMF has declared that it will give 70 developing countries, including Pakistan, one year of relief,” Qureshi said. The Minister of Foreign Affairs said the Washington-based organization’s relief will last for one year and is scheduled from May On Sunday, the prime minister had called for a “World Debt Relief Initiative,” noting that the coronavirus pandemic faced unparalleled health and economic challenges.

The Premier had appealed to the international community for a powerful, organized, and well-crafted global response to combat the global pandemic. Earlier, the IMF and the World Bank declared that they would endorse the decision of the Community of 20 nations to offer one-year debt relief to the poorest nations of the world as they struggle to cope with the coronavirus pandemic financially. These developments could pave the way for Pakistan’s debt rescheduling for the next two years, as Islamabad is desperately looking for any such facility to build much-needed fiscal room to increase spending on the country’s neglected health sector.