Pakistan receives $505m from World Bank 

SBP says this concessional financing will help Pakistan improve its fiscal management and regulatory framework

KARACHI: Pakistan on Tuesday received $505 million from the World Bank under a financing agreement that was signed last week.

According to the State Bank of Pakistan (SBP), “This is concessional financing in the form of budgetary support with the objective to enhance institutional framework and improve fiscal management and regulatory framework.”

The development comes at the moment when Pakistan, China, Afghanistan and Nepal agreed to work together to fight Covid-19. This agreement was reached during a quadrilateral virtual meeting of foreign ministers hosted by Chinese Foreign Minister Wang Yi.

Economic Affairs Minister Khusro Bakhtiar represented Pakistan on the occasion.

Chinese Foreign Minister Wang on the occasion reiterated that his country stood ready to continue its work with Afghanistan, Pakistan and Nepal to safeguard people’s health, promote the resumption of work and enhance people’s livelihood until final victory over Covid-19.

Ministers from Afghanistan, Pakistan and Nepal said the three sides are willing to deepen cooperation with China to fight Covid-19, ensure the flow of trade and transport corridors, build a “silk road of health” and a community of shared future.

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