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Pakistan

State Bank of Pakistan receives $1.3bn loan from Asian Development Bank

The central bank has confirmed the transfer of the loan amount to Pakistan. The govt signed on Monday a loan a
10 Dec 2019
  • The central bank has confirmed the transfer of the loan amount to Pakistan.
  • The govt signed on Monday a loan agreement worth $1.3bn with ADB for budgetary support and power sector reforms.

The State Bank of Pakistan (SBP) received on Tuesday $1.3 billion loan from Asian Development Bank (ADB) .

The central bank confirmed on its official twitter handle transfer of the loan amount to Pakistan.

The Government of Pakistan signed on Monday a loan agreement worth $1.3 billion with the ADB for budgetary support and power sector reforms.

The loan agreements were signed by Economic Affairs Division (EAD) Secretary Dr Syed Pervaiz Abbas and ADB Country Director Xiaohong Yang. Federal minister for Economic Affairs Division (EAD) Hammad Azhar witnessed the loan signing ceremony.

According to the officials, loan of $1 billion for emergency budget support has been taken for seven years at an interest rate of LIBOR+ 2 percent. Further the $300 million loan for energy sector has been taken at 2 percent per annum interest rate that will be paid back in 20 years.

Soon after signing the loan agreement, the EAD minister took to Twitter while saying that the sums will be disbursed on Monday (today) and claimed that it would be the single largest disbursements in one day to any country by the ADB.

He tweeted, “The Government of Pakistan and ADB have scaled up their partnership today (Monday) with the signing of USD 1 billion special policy based loan for macroeconomic stability and USD 300 million for energy sector and financial sector reforms-(It is) single largest disbursements in one day to any country by the ADB.”