SBP receives $1bn from WB and ADB
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KARACHI: The State Bank of Pakistan (SBP) Wednesday received $1 billion via United States from $500 each from the World Bank (WB) and Asian Development Bank (ADB), the SBP officials confirmed on Twitter.
The WB’s Board of Executive Directors approved a $500 million program to help Pakistan improve access to quality healthcare and education, support economic opportunities for women, and strengthen social safety nets as the country braces to limit the impact of the COVID-19 pandemic.
The Asian Development Bank (ADB) have approved a $500 million loan to Pakistan. The money is intended to ameliorate the damage caused by Covid-19, with money going towards the health sector, and those people and business most affected by the economic downturn.
The AIIB quotes the International Monetary Fund, which estimates that Pakistan’s total revenue in the 2020 fiscal year will decline by $6bn.
The Current Account Deficit (CAD) has narrowed by 73.6 percent to $3.3 billion during Jul-May 2019-20 from $12.5billion during the same period last year.
Pakistan’s Current Account turned into a surplus of $13 million May20 against a deficit of $530 million in Apr20 and $1004 million in May 2019.
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