A street vendor selling miswaks (a teeth cleaning twig) and face masks waits for customers next to her daughter in Lahore. AFP
"While uncertainty remains high, the near-term economic impact of COVID-19 is expected to be significant, giving rise to large fiscal and external financing needs," the international lender said in a statement.
Pakistan has recorded just over 100 deaths but experts have voiced fear that the country of 215 million people could see a rapid and devastating increase due to its shortage of medical infrastructure and crowded cities.
Worried about hurting an already weak economy, Prime Minister Imran Khan has resisted a sweeping, nationwide lockdown but provinces have shuttered schools and companies.
"The domestic containment measures, coupled with the global downturn, are severely affecting growth and straining external financing," said Geoffrey Okamoto, the IMF's first deputy managing director.
"This has created an urgent balance of payments need," he said.
He voiced support for actions taken in Pakistan including a boost in spending on public health and the social safety net to brace for a worsening crisis.
He also credited the central State Bank of Pakistan with measures that have included lowering its benchmark rate and supporting liquidity.
The IMF said it was providing the $1.386 billion under a so-called rapid financing instrument, which addresses emergencies and does not subject a country to a full-fledged reform program that undergoes review.
Pakistan is a longtime recipient of help from the IMF and is already under a three-year, $6 billion program that was approved last year.
Okamoto said Pakistan needed to recommit to its goals under the package once the crisis abates, including restoring its public finances and governance.
The International Monetary Fund Executive board approved a three-year, $6 billion loan package for Pakistan on Wednesday to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures.
Pakistan’s Prime Minister Imran Khan on Saturday said the government created innovative employment opportunities for the daily wagers by employing them as part of “10 Billion Tree Tsunami” project.
Pakistan's National Command and Operation Centre on COVID-19 directed all provincial governments to reopen their airports to avoid chaos in Islamabad, it was reported.
Imran has also appealed to the leaders of rich countries, the UN secretary general and heads of financial institutions to give debt relief to developing countries like Pakistan so that they could combat the deadly COVID-19 in a better way.
It is believed that the fire brigade arrived at the scene within 6 minutes after the operations room was alerted about a fire in the mall.
"This may be due to a genetic condition of partial loss of pigmentation in feathers known as leucistic," the Galapagos National Park said.
The approval of the loans and exemptions, which is part of the 2020 housing packages of Dhs15.5 billion, coincides with the celebrations of the 49th National Day, in light of the keenness of the UAE’s leadership to maintain social stability and ensure decent living standards for citizens...
Criticising the opposition, the prime minister reiterated that he would not give any National Reconciliation Ordinance-like concession to the opposition leaders no matter how many rallies they staged.