The International Monetary Fund (IMF) will provide $1.4 billion to Pakistan next week, to help Pakistan in the wake of the economic slowdown due to the coronavirus pandemic.

The government had last month, requested the IMF to consider giving it “a low-cost, fast-disbursing loan under the fund’s Rapid Financing Instrument (RFI) to deal with the adverse economic impact of COVID-19”.

“We have been working with the Pakistani authorities since the request was placed … This $1.4 billion disbursement is scheduled to happen next week,” Teresa Daban Sanchez, the IMF Resident Representative in Pakistan said in her statement.

Last month, International Monetary Fund (IMF) Managing Director Kristalina Georgieva had said the Fund’s team is working expeditiously to respond to Pakistan’s request for disbursement of an emergency loan to help it fight coronavirus.