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SBP receives $1b from World Bank, ADB in fight against COVID-19

SBP receives $1b from World Bank, ADB in fight against COVID-19

KARACHI: 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”.

In this regard, ADB President Masatsugu Asakawa had said, “The COVID-19 pandemic hit Pakistan at a critical point in its ongoing economic recovery program. We are fully committed to supporting Pakistan through this difficult period.