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.

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".