Pakistan receives $500 million each from World Bank, ADB

KARACHI: The State Bank of Pakistan (SBP) said on Wednesday it has received one billion dollars – 500 million dollars each from the World Bank and the Asian Development Bank.

The ADB approved a $500 million loan to help the country tackle the ongoing coronavirus and strengthen the health sector, while the World Bank approved a $500 million loan to help improve the healthcare and education systems.

SBP has received USD 1 bn today with USD 500 mn each from ADB and WB.

— SBP (@StateBank_Pak) June 24, 2020

Meanwhile, the central bank said the country’s current account deficit (CAD) turned into a surplus of $13 million by May 2020 against a deficit of $530 million in April 2020 and $1004 million in May 2019.

On a cumulative basis, the current account deficit narrowed by 73.6 per cent to $3.3 billion during Jul-May FY20 from $12.5 billion during the same period last year, the State Bank said.

2/2 On cumulative basis, the CAD has narrowed by 73.6 percent to $3.3 bn during Jul-May FY20 from $12.5 bn during the same period last year.

— SBP (@StateBank_Pak) June 24, 2020