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.

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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.

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