Pakistan gets $1.39b from IMF to shore up economy

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Pakistan has received $1.39 billion by the International Monetary Fund. This was confirmed by the State Bank of Pakistan in a tweet Wednesday evening.This is a loan under the Rapid Financing Instrument. It was approved by the IMF on April 17 to bolster the economy during the COVID-19 pandemic.It is expected to meet urgent balance of payment needs that have arisen due to the pandemic. An IMF press release noted that the country’s health spending and social welfare support have increased during this time.