In a positive development, Pakistan Foreign Exchange Reserves increase by $1 billion

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In a positive development, Pakistan Foreign Exchange Reserves increase by $1 billion

ISLAMABAD - In a positive development, Pakistan Foreign Exchange Reserves increase by $1 billion.

The Asian Development Bank (ADB) and the World Bank has given by $1 billion to Pakistan on Wednesday (Jun 24). According to the details, Pakistan has received $500 million each from the Asian Development Bank (ADB) and the World Bank link after which $1 billion has been increased in the foreign exchange reserves of the country.

The official tweet of State Bank of Pakistan wrote, “SBP has received USD 1 bn today with USD 500 mn each from ADB and WB.”

The sources said that The ADB had signed an agreement for a $500 million loan with Pakistan on June 19, it is to be noted that the World Bank and Asian Infrastructure Investment Bank each sign loan agreements with the Pakistan government for the same amount, totaling $1.5 billion, in May.

Asian Development Bank said, “ADB’s loan will help deliver programmes for the poor and vulnerable, strengthen the health sector and deliver a pro-poor stimulus to boost growth and jobs.”

The sources said that the International Monetary Fund (IMF) on Wednesday projected 0.4 per cent reduction in the South Asian country’s economy and one per cent development for the next year.

Earlier in the last month, The Asian Development Bank link (ADB) gave another $305 million to Pakistan in loans to fight against coronavirus pandemic.

The government has approved concept clearance paper for seeking a loan from ADB for emergency struggling against COVID-19 pandemic on May 6. The meeting of the committee was held on May 4 to talk about the financing plan being offered by the ADB to combat the virus.