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State Bank receives $505 million from World Bank today

The State Bank of Pakistan (SBP) has received $505.5 million from the World Bank on Tuesday to sustain itself in the fight against the novel coronavirus that has adversely affected the economy of the country.

Last week, Pakistan had signed two loan agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Investment Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.

The World Bank was to extend a loan of $500 million and the Asian Infrastructure Investment Bank (AIIB) to provide co-financing of $250 million for the programme.

However, the central bank hasn’t specified any further regarding the installment it received as of today.

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