12 March 2020 - 16:48

CBI asked IMF for $5 billion rapid funding to fight COVID-19

The Governor of the Central Bank of Iran (CBI) announced on an instagram post that he in a letter has requested International Monetary Fund (IMF) to access to the fund's available $50-billion-emergency financing facilities, in a bid to address COVID-19.
News ID : 112487

The IMF managing director, Kristalina Georgieva, had previously stated that countries affected by #COVID19 will be supported via Rapid Financial Instrument (RFI). 

"Thanks to the generosity of our shareholders, we have about $1 trillion in overall lending capacity. For low-income countries, we have rapid-disbursing emergency financing of up to $10 billion (50 percent of quota of eligible members) that can be accessed without a full-fledged IMF program. Other members can access emergency financing through the Rapid Financing Instrument. This facility could provide about $40 billion for emerging markets that could potentially approach us for financial support," she added.

Iran's share from the allocated Rapid Financing Instrument (RFI) stands at $5 billion.

Iran’s Central Bank chief Abdolnaser Hemmati wrote on his Instagram page that “in a letter addressed to the head of IMF, I have requested five billion U.S. dollar from the RFI emergency fund to help our fight against the coronavirus”.

the country is grappling with the lethal coronavirus amid the toughest US-led sanctions which impede the country from having access to its international financial resources.

Send Comment