Pakistan receives $505mn from WB

The State Bank of Pakistan (SBP) on Tuesday has received $505.5 million from the World Bank.

The latest grant comes just a week after Pakistan signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.

Under the agreement, the World Bank will extend financing of $500 million and AIIB will provide co-financing of US$250 million for the RISE programme. This is concessional financing in the form of budgetary support that is being provided by the two IFIs under Resilient Institutions for Sustainable Economy (RISE) and Development Policy Financing.

The financing would provide with the objective to enhancing the policy and institutional framework to improve fiscal management, and improving the regulatory framework to foster growth and competitiveness.

Back in June, the central bank 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. The funds were received after Pakistan inked financing agreements worth $1.5bn with three international financial institutions, the World Bank, Asian Development Bank, and Asian Infrastructure Development Bank.

The disbursements under the programme will strengthen foreign exchange reserves and provide liquidity for the economy.