The $1.5 billion in loans from the ADB, WB and AIIB will assist in boosting the Pakistan government to better manage COVID-19 pandemic.
Pakistan received $1.5 billion in loans from ADB, WB and AIIB to cope with coronavirus pandemic situation as the country is struggling financially due to lockdown which was imposed to prevent novel coronavirus.
According to the State Bank of Pakistan, the Asian Development Bank (ADB), World Bank and Asian Infrastructure Investment Bank all gave $500 million each in the difficult time when Pakistan’s economy is struggling.
The State Bank of Pakistan announced this news via Twitter account,” SBP has received $1 billion today with USD500 million each from ADB and WB”.
SBP has received USD 1 bn today with USD 500 mn each from ADB and WB.
— SBP (@StateBank_Pak) June 24, 2020
SBP has received $500 million from Asian Infrastructure Investment Bank on 25th June 2020. This brings the total amount received from multilateral institutions this week to around $1,725 million.
— SBP (@StateBank_Pak) June 26, 2020
The state bank did not provide extra details on the subject.
The agreement was signed between all three banks and Pakistan government last week after the World Bank agreement.
AIIB also lends $500 million
Asian Infrastructure Investment Bank also signed an agreement for a loan with the Pakistan government for an amount of $500 million. This makes a total of $1.5 billion in loans which will assist in boosting the Pakistan government to better manage COVID-19 pandemic.
The loans will also help the Pakistan government to carry out special programs for needy and helpless citizens along with developing an advanced level strategy for progress in health sector. The loans will also help stabilize the economy through growth and create opportunities for new jobs as country is busy fighting with lethal coronavirus.
Back in May the Asian Development Bank also allotted $300 million emergency assistance loan to support in the health sector in order to meet the requirement to aid the needy and infected citizens.
In April ADB reallocated $30 million from the National Disaster Risk Management Project to provide assistance in countries’ rapid response to the pandemic.
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