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Pakistan receives $500 million each from ADB, World Bank

Loans to help shore up health sector

SAMAA | - Posted: Jun 24, 2020 | Last Updated: 1 year ago
SAMAA |
Posted: Jun 24, 2020 | Last Updated: 1 year ago

Photo: AFP

The State Bank of Pakistan (SBP) confirmed on Wednesday that it has received $1 billion–$500 million each from the Asian Development Bank (ADB) and the World Bank (WB).

The ADB has approved a $500 million loan to Pakistan, which is supposed to help deal with the ongoing COVID-19 pandemic and improve the health sector in response to the deadly virus.

Meanwhile, the World Bank also approved a $500 million program to help the country improve its healthcare and education systems. The loan is also expected to be used as support to strengthen social safety nets and create economic opportunities for women as the country struggles to deal with the virus.

The 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.

Pakistan’s current account 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.

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