Pakistan receives 1 billion $ from World Bank, ADB

The State Bank of Pakistan (SBP) said it has received one billion dollars from the World Bank and the Asian Development Bank, here on Wednesday.

the central bank shared the details on Twitter and said, the ADB approved a $500 million loan to help the country tackle the ongoing coronavirus and strengthen the health sector, while the World Bank also approved a $500 million loan to help improve the healthcare and education systems and capacity to combat the pandemic.

The SBP 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.