3 February 2023
  • 2:18 am PM Shehbaz invites Imran to APC on ‘national challenges’
  • 1:19 am PM reaffirms Pakistan’s unwavering support to Kashmiri brethren
  • 1:19 am Jaffar Mandokhail appointed PML-N’s Balochistan president
  • 1:04 am Dacoits loot motorcyclists near Kirthar’s Talanga Dam
  • 1:04 am Student’s hand fractured after being tortured at Karachi school
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ISLAMABAD: Pakistan on Tuesday received $500 million from Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance confirmed on Tuesday.

“Government of Pakistan has today received $500 million from AIIB. The funds are deposited with the State Bank of Pakistan (SBP) and will augment our reserves,” the ministry said in a post on its Twitter handle.

The funds by AIIB are crucial for the cash-strapped country, which has seen its foreign exchange reserves dwindle in recent months. The country’s reserves stood at $7.8 billion as of November 18.

“During the week ended on November 18, 2022, SBP’s reserves decreased by $134 million to $7,825.7 million due to external debt repayment,” said the SBP in a statement on Friday.

Read more: FOREIGN EXCHANGE: SBP RESERVES FALL $134M TO $7.8BN

It is pertinent to mention here that the SBP received $1.5 billion from ADB on October 26, 2022 as a disbursement of loan for the government of Pakistan.

Last month, the ADB signed an agreement with Pakistan to provide a $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction activities.

The loan, provided under the BRACE Programme, was provided to fund the government’s $2.3bn countercyclical development expenditure programme designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.

Abdul Gh Lone

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