{
  "title": "Pakistan: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Pakistan",
  "publication": "IMF Staff Country Reports, April 17, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/16/pakistan-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-49342",
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  "summary": "This paper highlights Pakistan’s Request for Purchase Under the Rapid Financing Instrument (RFI). With the near-term outlook deteriorating sharply, the authorities have swiftly put in place measures to contain the impact of the shock and support economic activity.",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Highlights Pakistan’s Request for Purchase Under the Rapid Financing Instrument (RFI).\n- Near-term outlook deteriorating sharply due to coronavirus disease 2019 (COVID-19); health spending increased and social support strengthened.\n- Near-term economic impact of COVID-19 expected to be significant, creating large fiscal and external financing needs.\n- IMF support intended to:\n  - provide a backstop against the decline in international reserves;\n  - provide financing to the budget for targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact.\n- Government of Pakistan actions:\n  - swift measures to halt community spread of the virus;\n  - introduction of an economic stimulus package to accommodate spending needed for the health emergency and to support economic activity."
    },
    {
      "heading": "Key findings and projections",
      "content": "- The near-term economic impact from COVID-19 is expected to be significant (no numeric GDP or growth forecasts provided in the source text).\n- Large fiscal and external financing needs have arisen from the shock.\n- Health and social spending were increased as immediate policy responses.\n- IMF RFI support will act as financial backstop for reserves and targeted budgetary financing."
    },
    {
      "heading": "Policy measures and analysis",
      "content": "- Public health response: measures taken to halt community spread of COVID-19.\n- Fiscal response: economic stimulus package aimed at accommodating necessary health spending and supporting economic activity.\n- IMF role: rapid financing to address liquidity pressures, support the budget for temporary and targeted spending, and help stabilize international reserves."
    },
    {
      "heading": "Subject classification and keywords",
      "content": "- Subject: COVID-19, Economic sectors, External debt, Fiscal policy, Fiscal stance, Health, Public debt, Public sector\n- Keywords: COVID-19, CR, debt, emergency, Executive Board discussion, financing, Fiscal stance, Global, health emergency, IMF emergency financing, IMF support, ISCR, liquidity pressure, Public sector, reform effort, SBP reserve\n\n---\n\n Content in this bundle\n\n- 1pakea2020001\n  - 1pakea2020001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1pakea2020001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 17, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513541099.002",
    "Highlights Pakistan’s Request for Purchase Under the Rapid Financing Instrument (RFI).",
    "Near-term outlook deteriorating sharply due to coronavirus disease 2019 (COVID-19); health spending increased and social support strengthened.",
    "Near-term economic impact of COVID-19 expected to be significant, creating large fiscal and external financing needs.",
    "IMF support intended to:",
    "Government of Pakistan actions:",
    "The near-term economic impact from COVID-19 is expected to be significant (no numeric GDP or growth forecasts provided in the source text).",
    "Large fiscal and external financing needs have arisen from the shock.",
    "IMF RFI support will act as financial backstop for reserves and targeted budgetary financing.",
    "Public health response: measures taken to halt community spread of COVID-19.",
    "Fiscal response: economic stimulus package aimed at accommodating necessary health spending and supporting economic activity.",
    "IMF role: rapid financing to address liquidity pressures, support the budget for temporary and targeted spending, and help stabilize international reserves.",
    "Subject: COVID-19, Economic sectors, External debt, Fiscal policy, Fiscal stance, Health, Public debt, Public sector",
    "Keywords: COVID-19, CR, debt, emergency, Executive Board discussion, financing, Fiscal stance, Global, health emergency, IMF emergency financing, IMF support, ISCR, liquidity pressure, Public sector, reform effort, SBP reserve",
    "**1pakea2020001**"
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