Categories: Latest News

SBP collects over $500 million from World Bank

The State Bank of Pakistan (SBP) announced on Tuesday that it has received $505.5 million from the World Bank to endure itself in the fight against COVID-19 that has affected the economy of the country in an adverse way.

“SBP has received USD 505.5 million today from World Bank,” tweeted the central bank.

Pakistan had signed two loan agreements last week valuing $750 million with the World Bank (WB) and the Asian Infrastructure Investment Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.

Read More : Pakistan Suffered Highest Inflation Globally in 2020, SBP Says in Report

Illango Patchamuthu, World Bank Country Director for Pakistan  had said at the time of the signing of the agreement, that Pakistan was facing an acute fiscal shock from the economic decline from the pandemic and the increased spending on crisis response, including emergency healthcare, social protection, and business support.

“The RISE programme supports the government efforts to achieve macroeconomic stability, accelerates long-delayed policy reforms, and sets the course for a strong and competitive economy,” he had said.

Note that the loan will support the government’s efforts to maintain macroeconomic stability and build fiscal buffers to respond to the on-going pandemic to ensure a stronger and faster recovery.

Samra Mazhar

Recent Posts

  • Latest News

PTI leaders Shehryar Afridi, Ali Muhammad Khan re-arrested upon release from Adiala jail

Pakistan Tehreek-e-Insaf (PTI) leaders Shehryar Afridi and Ali Muhammad are reported to have been re-arrested…

3 hours ago
  • Latest News

Lightning strike kills six in Tharparkar district, Sindh

A lightning strike killed six people while eight others sustained injuries in Tharparkar district, Sindh.…

7 hours ago
  • Celebrity News

Sidhu Moose Wala’s First Death Anniversary: Rahat Fateh Ali Khan pays soulful tribute to late Punjabi singer

Rahat Fateh Ali Khan paid a soulful tribute to the late Punjabi singer Sidhu Moose…

7 hours ago
  • Sports News

Pakistan beat Japan to reach Junior Hockey Asia Cup 2023 semi-final

Pakistan beat Japan to reach the Junior Hockey Asia Cup 2023 semi-final! Pakistan defeated Japan…

8 hours ago
  • Latest News

Journalist Sami Ibrahim returns home

Journalist Sami Ibrahim returned home on Tuesday.Well-known journalist Sami Ibrahim, who is a vivid supporter…

8 hours ago
  • Latest News

Lawyer shoots wife to death during divorce case hearing at Karachi City Courts

Lawyer shoots wife to death during divorce hearing at Karachi City Courts!The most shocking turn…

11 hours ago