KARACHI : The State Bank of Pakistan announced on Tuesday that it has received over $505.5 million from the World Bank (WB). “SBP has received USD 505.5 million today from the World Bank,” tweeted the central bank. Earlier, the World Bank’s Board of Executive Directors approved $500 million in financing for the Resilient Institutions for Sustainable Economy programme (RISE) to help Pakistan strengthen fiscal management, promote transparency and private sector growth, and undertake foundational reforms in the energy sector to transition to low-carbon energy. These reforms are critical to build fiscal resilience and stimulate recovery from impacts of the COVID-19 pandemic. The project will be financed by a $250 million credit from the International Development Association (IDA) and a $250 million loan from the International Bank for Reconstruction and Development (IBRD). The IDA credit has a maturity of 30 years with a 5-year grace period and the IBRD loan has a maturity of 25.5 years and 5.5-year grace period.
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