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Pakistan

Web Desk
July 28, 2020

Pakistan receives over $500 million from World Bank

Pakistan

Web Desk
Tue, Jul 28, 2020

World Bank had approved a Rs84.16 billion loan under the Resilient Institutions for Sustainable Economy (RISE) programme with seven major conditions for undertaking structural reforms. Phooto: File

The State Bank of Pakistan announced on Tuesday that it has received over $500 million from the World Bank but did not share further details.

“SBP has received USD 505.5 million today from World Bank,” tweeted the central bank.

Last week, the World Bank had approved Rs84.16 billion loan under the Resilient Institutions for Sustainable Economy (RISE) programme with seven major conditions for undertaking structural reforms.

World Bank Country Director for Pakistan Illango Patchamuthu had said, at the time of the signing of the agreement, that Pakistan was suffering a significant fiscal shock from the economic fallout from the pandemic and the increased spending on crisis response, including emergency healthcare, social protection, and business support.

“The RISE programme supports the government efforts to achieve macroeconomic stability, accelerates long-delayed policy reforms, and sets the course for a strong and competitive economy,” he had said.

For key results of the programme, the WB stated that the operation will support the government’s efforts to maintain macroeconomic stability and build fiscal buffers to respond to the on-going COVID-19 pandemic to ensure a stronger and faster recovery.