SBP receives $1.3bn in loan from Chinese banks

KARACHI: The State Bank of Pakistan (SBP) on Tuesday announced that it has received $1.3 billion as loan disbursements from Chinese banks this week.

“SBP has received $1.3 billion as Government of Pakistan (GOP) loan disbursements from Chinese banks this week. This brings the total amount of official inflows received since June 23, 2020 to around $3 billion,” the central bank said in a tweet on Tuesday.

On June 24, the SBP had received loans amounting to $500 million each from the World Bank (WB) and the Asian Development Bank (ADB) aimed at facilitating the country during its fight against the coronavirus pandemic.

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 to protect the financially underprivileged citizens.

The loan approval, which is part of ADB’s Covid-19 Active Response and Expenditure Support (CARES) Programme, took place following a meeting of the ADB’s Board of Directors in Manila.

- Advertisement -
- Advertisement -

Must Read

Suzuki announces plant closure and price reduction

LAHORE: Pak-Suzuki Motor Company (PSMC) has announced both a temporary shutdown of its car plant and a downward revision of its prices across its...