Asian Development Bank signed an agreement with Pakistan to provide a $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction. According to the State Bank of Pakistan Resource that Asia Bank transfer the loan to the Pakistan state bank account earlier this morning.
The loan would build the foreign exchange reserves and helps in rein the rupee’s depreciation.
Pakistan’s foreign exchange reserves holding the State Bank of Pakistan reached $ 9 billion with the transfer of the Asian Development Bank load.
The loan would build the foreign exchange reserves and rein in the rupee’s depreciation.
Pakistan’s foreign exchange reserves holding the State Bank of Pakistan (SBP) reach $ 9 billion with the transfer of the ADB load.
The Asian Bank in a statement said after signing the loan agreement that the financing will provide the fiscal space needed for the Pakistan government to implement its package, which is designed to target the poorest families in Pakistan who are often disproportionately affected in times of crisis. The government’s support includes specific measures to promote gender empowerment and climate change adaptation, which have become even more important in light of the recent floods, the bank stated.
