Pakistan is in negotiations with the International Monetary Fund (IMF) for an extra $1.4 billion due to the ongoing coronavirus epidemic, Adviser to Finance Prime Minister Dr. Abdul Hafeez Shaikh This amount [of additional money] is different from the existing plan, relating to the ongoing $6 billion Extended Fund Facility (EFF) for three years.
He said, Pakistan’s economy grew stronger but it was predicted the COVID-19 pandemic would dent it considerably, Remittances were likely to decline, as was the tax collection, and there was an imminent slowdown in economic activity throughout the world, the advisor said at a press conference here in the federal capital.
However, the government has already proposed a 1,2 trillion Rs economic and financial relief plan to fend off the coronavirus ‘ harmful effects, he added. This has also earmarked Rs200 billion for employees experiencing unprecedented difficulties in the face of national lockdowns to absorb COVID-19 They will first save our own citizens if anyone loses their employment they will get more money.
The government was supposed to offer financial support to about 12 million citizens, while the figure is five million at the moment, he added. They’d get Rs3,000 a month. Dr. Shaikh said the Utility Stores Company of Pakistan (USC) should be given Rs50 billion to rising food and beverage costs.