Asian Infrastructure Investment Bank (AIIB) on Wednesday approved 500 million dollars as co-financing of an Asian Development Bank (ADB) program for Pakistan.
\nAnnouncing this in a tweet on Wednesday, Minister for Finance Ishaq Dar said the funds under ADB\u2019s BRACE (Building Resilience through Active Countercyclical Expenditures) program will be received by the State Bank of Pakistan within this month.
\nEarlier on October 26, ADB signed an agreement with Pakistan to provide a $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction.
\nThe loan would build the foreign exchange reserves and rein in the rupee\u2019s depreciation.
\nPakistan\u2019s foreign exchange reserves holding the State Bank of Pakistan (SBP) reach to $ 9 billion with the transfer of the ADB loan.
\nThe $1.5bn ADB loan is aimed to provide social protection, promote food security, and support employment for people amid devastating floods and global supply chain disruptions.<\/p>\n","protected":false},"excerpt":{"rendered":"
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