ISLAMABAD: The Asian Development Bank (ADB) has deposited one and a half billion dollars to State Bank of Pakistan.
A Pvt TV channel Geo quoted State Bank sources as confirming the transfer of said amount from ADB to Pakistan.
Sources said that the agreement between Pakistan and the Asian Development Bank was signed on Monday after which the money transfer took place. Sources further said that with the additional of $ 1.5 billion, Pakistan’s foreign exchange reserves increased to more than 9 billion dollars.
Hours later, Finance Minister Ishaq Dar took to Twitter and announced release of funds by the ADB.
Asian Development Bank has released funds $1.5 billion to Pakistan under BRACE program for the credit of Govt of Pakistan’s account with State Bank of Pakistan.
AlhamdoLilah!— Ishaq Dar (@MIshaqDar50) October 26, 2022
It is pertinent to mention here that the Asian Development Bank (ADB) had approved $1.5 billion in financing to help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.
The loan, provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program, will help fund the government’s $2.3 billion countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine. ADB’s financing will provide the fiscal space needed for the government to implement its countercyclical development expenditure 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.
