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  • Pakistan receives $1 billion from World Bank, ADB

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    • Published in Business
    State Bank of Pakistan File Photo State Bank of Pakistan

    The State Bank of Pakistan (SBP) has received $1billion — $500 million each from World Bank (WB) and Asian Development Bank (ADB) on Wednesday to facilitate the country during its fight against coronavirus.

    Earlier this month, the ADB had approved a loan worth $500 million to Pakistan to help the country's coronavirus health and economic response and "protect poor" citizens.

    The development — part of the COVID-19 Active Response and Expenditure Support (CARES) Programme — comes following a meeting of the ADB's Board of Directors in Philippines' capital, Manila.

    In its statement, the bank said the loan would help the Pakistani government "deliver social protection programs to the poor and vulnerable, expand health sector capabilities, and deliver a pro-poor fiscal stimulus to boost growth and create jobs as the country fights the novel coronavirus disease (COVID-19) pandemic".

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