SBP receives $1.3bn as loan from Chinese banks

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KARACHI: The State Bank of Pakistan (SBP) has received $1.3 billion as loan disbursements from Chinese banks this week, the central bank announced on Tuesday.

“SBP has received $1.3 billion as GOP loan disbursements from Chinese Banks this week. This brings the total amount of official inflows received since 23rd June 2020 to around $3 billion,” the bank said.

On June 24, the SBP had received $1bn — $500mn each from World Bank (WB) and Asian Development Bank (ADB) to facilitate the country during its fight against the coronavirus pandemic.

ADB approves $500mn loan for Pakistan’s fight against COVID-19

Earlier this month, the ADB had approved a loan worth $500 million to Pakistan to help the country’s coronavirus health and economic response and “protect poor” citizens.

The development — part of the COVID-19 Active Response and Expenditure Support (CARES) Programme — took place following a meeting of the ADB’s Board of Directors in Philippines’ capital, Manila.

In its statement, the bank had said the loan would help the Pakistani government “deliver social protection programs to the poor and vulnerable, expand health sector capabilities, and deliver a pro-poor fiscal stimulus to boost growth and create jobs as the country fights the novel coronavirus disease (COVID-19) pandemic”.

Pakistan’s current account turns surplus of $13mn

The country’s current account turned into a surplus of $13 million on May 20 against a deficit of $530 million in April 20 and $1,004 million in May 19, the central bank had announced on June 24.

“Pakistan’s Current Account turned into a surplus of $13 million May 20 against a deficit of $530 million in April 20 and $1004 million in May 19,” stated a tweet from the SBP.

The SBP had said that the current account deficit has been slashed by 73.6% on a cumulative basis during July-May FY2020 to $3.3 billion from a whopping $12.5 billion in the same period last year.

“On cumulative basis, the CAD has narrowed by 73.6% to $3.3 billion during Jul-May FY20 from $12.5 billion during the same period last year.”

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