The State Bank of Pakistan has announced that this is a concessional financing in the form of budgetary, support with the objective to enhancing the institutional framework and to improve fiscal management, and improving the regulatory framework.
KARACHI: (UrduPoint/Pakistan Point News-July 28th, 2020) Pakistan received over 505 million Dollars from the World Bank under a financing agreement signed last week to provide financial support here on Tuesday.
The State Bank of Pakistan has announced that this is a concessional financing in the form of budgetary support with the objective to enhancing the institutional framework and to improve fiscal management, and improving the regulatory framework.
The development came at the moment when Pakistan, China, Afghanistan and Nepal agreed to work together to fight COVID-19 and resume economy.
The agreement reached at a quadrilateral virtual meeting of foreign ministers hosted by Chinese Foreign Minister Wang Yi. Minister for Economic Affairs Khusro Bakhtiar represented Pakistan at the session.
Chinese Foreign Minister Wang said that China stands ready to continue to work with Afghanistan, Pakistan and Nepal to safeguard people's health, promote the resumption of work and enhance people's livelihood until final victory over COVID-19.
Ministers from Afghanistan, Pakistan and Nepal said the three sides are willing to deepen cooperation with China to fight COVID-19, ensure the flow of trade and transport corridors and build a "silk road of health" and community of a shared future for humanity.
