State Bank confirms that it receives $500 million each from ADB, World Bank – Research Snipers

State Bank confirms that it receives $500 million each from ADB, World Bank

It has been confirmed by the State Bank of Pakistan that the central bank has received $1 billion—$500 million each from the World Bank and the Asian Development Bank.

According to the details, the Asian Development Bank (ADB) has approved a $500 million loan for Pakistan, which is supposed to help deal with the ongoing crisis due to the novel coronavirus (COVID-19) and improve the country’s health sector in response to the pandemic.

Read Also: Pakistan approaches the United Nations to designate four Indian nationals as global terrorists

On the other hand, the World Bank (WB) also approved a $500 million program to help Pakistan to improve its healthcare and the education system.

As per the details, the loan is also expected to be used as support to strengthen the social safety nets and create the economic opportunities for the women as Pakistan struggles to deal with the novel coronavirus (COVID-19).

It is pertinent to mention here that the country’s current account deficit narrowed by 73.6% to $3.3 billion during July-May 2019-20 from $12.5 billion during the same period last year.

The current account of the country has turned into a surplus of $13 million in May against a deficit of $530 million in April and $1,004 million in May 2019.

Leave a Reply

Your email address will not be published. Required fields are marked *