Pakistan receives $505.5 million from World Bank: SBP

KARACHI: The State Bank of Pakistan (SBP) has received $505.5 million financial assistance from the World Bank, the central bank announced on Tuesday.

Last month, the SBP had received one billion dollars – $500 million each from the World Bank and the Asian Development Bank. The central bank also received $500 million from the Beijing-headquartered Asian Infrastructure Investment Bank (AIIB).

The ADB approved a $500 million loan to help the country tackle the ongoing coronavirus and strengthen the health sector, while the World Bank approved a $500 million loan to help improve the healthcare and education systems.

Pakistan has witnessed an increase in liquid foreign reserves during the week ending on 17th July.

According to figures released by the SBP, the country currently has foreign reserves of US$19,047.3 million. The rise in the reserves by $67 million is mainly due to official inflow received by the central bank.

SBP further said that commercial banks currently have forex reserves of $6,925.7 million, besides reserves of $12,121.6 million by the central bank.