IMF’s Approval for Emergency Funds Helps Boost Pakistan Stocks
- Nation sought emergency $1.4 billion loan to support economy
- Rupee falls 8% since March, second-worst performer in Asia
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Pakistani stocks rose after the International Monetary Fund said it plans to disburse about $1.4 billion in emergency financing next week to help the nation shield its economy hit by the coronavirus outbreak.
“The IMF and the Pakistani authorities are working hard for a prompt approval and disbursement” in a single installment, Teresa Daban Sanchez, IMF’s chief in Pakistan, said in a response to questions on April 8. The emergency loan will be on top of the $6 billion financial package the south Asian nation secured from the global lender last year.