According to sources, the Asian Infrastructure Investment Bank (AIIB) authorized $500 million on Wednesday to co-finance an ADB initiative for Pakistan.
The State Bank of Pakistan would get the funding from the ADB’s BRACE (Building Resilience through Active Countercyclical Expenditures) program within this month, the finance minister Ishaq Dar announced in a tweet on Wednesday.
ADB and Pakistan earlier on October 26 agreed to a $1.5 billion loan for budgetary support and assistance with flood-related rehabilitation and reconstruction.
The loan would increase foreign exchange reserves and stop the devaluation of the rupee.
With the transfer of the ADB loan, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) have increased to $ 9 billion.
The $1.5 billion ADB loan is intended to encourage employment for people in the midst of disastrous floods and interruptions to the global supply chain while also promoting food security and social protection.
The Board of the Asian Infrastructure Investment Bank has authorized the co-financing of a Pakistani Asian Development Bank initiative in the amount of $500 million.
The State Bank of Pakistan would get the funding from the ADB’s BRACE (Building Resilience through Active Countercyclical Expenditures) program within this month, the finance minister Ishaq Dar announced in a tweet on Wednesday.
To read our blog on “Pakistan Hydromet and Climate Services Project to be restructured by World Bank,” click here