Iran urges IMF to sanction its $5 billion emergency loan as coronavirus cases increase

Iran on April 8 urged International Monetary Fund to sanction $5 billion emergency loan that it has requested to combat coronavirus pandemic. number of COVID-19 cases in nation are on a rise with Shiite nation reporting 64,586 infected people on April 8. Iranian government h anunced that y h asked for a loan from IMF on March 12.

IMF has repeatedly shown promptness to help needy countries battling pandemic. ecomic organisation on its website h previously stated that a "Rapid Financial Instrument is available to all member countries facing an urgent balance of payments need". However, Iran has yet t been issued a loan due to a ‘stand by’ credit issued between 1960 -62, international media reported citing IMF figures.

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Speaking at Cabinet meeting, country’s President Hassan Rouhani reportedly asked all international leers to fulfil ir duties. Later, speaking in a televised dress he ded that Iran was an IMF member and that if re was going to be any kind of discrimination between Iran and or nations while issuing loans, “neir us r world opinion will tolerate it." He asserted that if IMF does t act on ir duties in this difficult situation, world will judge m in a different way. 

IMF postpones review of Bailout Pack to Pakistan 

In ar news, IMF has postponed second review of its USD 6 billion bailout pack for cash-strapped Pakistan, citing a delay by country in implementing agreed actions, reports said on Tuesday.  deal is 22nd bailout pack since Pakistan became a member of IMF in 1950.  International Monetary Fund Executive Board approved a three-year, USD 6 billion loan pack for Pakistan in July last year to rein in mounting debts and stave off a looming balance of payments crisis, in exchange for tough austerity measures. Pakistan approached IMF in August 2018 for a bailout pack after Prime Minister Imran Khan's government took over. Despite loans from China, Saudi Arabia and UAE, Prime Minister Khan's government was forced to turn to IMF due to mounting ecomic problems.

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