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The International Monetary Fund (IMF) on Thursday approved USD 1.3 billion in emergency financing to Pakistan to address the economic impact of the COVID-19 shock. "The Executive Board of the International Monetary Fund (IMF) approved a purchase of Pakistan under the Rapid Financing Instrument (RFI) equivalent to SDR 1,015.5 million (US$ 1.386 billion, 50 percent of quota) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic," IMF said in a statement.The body had projected that due to the coronavirus pandemic, Pakistan's economy may contract sharply by 1.5 percent during the current financial year."The outbreak of COVID-19 is having a significant impact on the Pakist economy. The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing. This has created an urgent balance of payments need," read the statement."In this context of heightened uncertainty, IMF emergency financing under the Rapid Financing Instrument provides strong support to the authorities' emergency policy response, preserving fiscal space for essential health spending, shoring up confidence, and catalyzing additional donor support," it read.The outbreak of COVID-19 is having a significant impact on the Pakist economy. The number of coronavirus cases in Pakistan surpassed 7000 mark and the death toll stands at 134.The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing. This has created an urgent balance of payments need.COVID-19 has been spreading rapidly in the past month in Pakistan. A relief package worth PKR 1.2 trillion has been announced by the authorities on March 24.( With inputs from ANI )

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