Coronavirus outbreak: Iran asks IMF to provide its first loan since 1962

Iran said that it has sought financial assistance from International Monetary Fund (IMF), which has t lent it any money since 1962, to help combat coronavirus. Iranian Foreign Minister took to Twitter to ask for financial assistance from IMF and urged Managing Director Kristalina Georgieva to provide immediate access.

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Georgieva h assured in a blog, on March 4, that IMF is rey to respond to threat of coronavirus including $50 billion of financial support. She said that IMF has rapid-disbursing emergency financing of up to $10 billion for low-income countries that can be accessed without a full-fledged IMF program.

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'Identifying vulnerable countries'

66-year-old Bulgarian ecomist h also said that or members can access emergency financing through Rapid Financing Instrument. Georgieva ded that she is particularly concerned about low-income and more vulnerable members which may see a rapid rise in financing needs as ecomic and human cost of virus escalates.

“Our staff are currently working on identifying vulnerable countries and estimating potential financing needs should situation deteriorate furr,” she wrote.

Iran has been facing a severe threat of coronavirus with a steep rise in number of confirmed cases and death toll. Iran has reported over 10,000 confirmed cases of coronavirus with 429 deaths due to dely infection.

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