SBP receives $1.3bn from Chinese banks

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

The central bank informed that the latest disbursement brings the total amount of official inflows received since 23rd June 2020 to around $3 billion.

Lately, the SBP has received a number of loan disbursements from international financial institutions. On Wednesday, the central bank informed that it has received $1 billion, from the Asian Development Bank (ADB) and World Bank (WB).

The central bank in a tweet said that the country has received $500 million each from ADB and WB. A day later, SBP said that it BP has received $500 million from Asian Infrastructure Investment Bank (AIIB).

The funds came after Pakistan inked financing agreements worth $1.5bn with three international financial institutions. The central bank informed that the funds will be used for Coronavirus Active Response and Expenditure Support Program with the objective to support the government of Pakistan’s efforts to strengthen the health system and mitigate the socioeconomic impacts of the COVID-19 pandemic.