ISLAMABAD – In a positive development, Pakistan Foreign Exchange Reservesincrease by $1 billion.
The Asian Development Bank (ADB) and the World Bank has given by $1 billionto Pakistan on Wednesday (Jun 24). According to the details, Pakistan hasreceived $500 million each from the Asian Development Bank (ADB) and the WorldBanklinkafterwhich $1 billion has been increased in the foreign exchange reserves of thecountry.
The official tweet of State Bank of Pakistan wrote, “SBP has received USD 1bn today with USD 500 mn each from ADB and WB.”
The sources said that The ADB had signed an agreement for a $500 millionloan with Pakistan on June 19, it is to be noted that the World Bank andAsian Infrastructure Investment Bank each sign loan agreements with thePakistan government for the same amount, totaling $1.5 billion, in May.
Asian Development Bank said, “ADB’s loan will help deliver programmes forthe poor and vulnerable, strengthen the health sector and deliver apro-poor stimulus to boost growth and jobs.”
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The sources said that the International Monetary Fund (IMF) on Wednesdayprojected 0.4 per cent reduction in the South Asian country’s economy andone per cent development for the next year.
Earlier in the last month, The Asian Development Banklink(ADB)gave another $305 million to Pakistan in loans to fight against coronaviruspandemic.
The government has approved concept clearance paper for seeking a loan fromADB for emergency struggling against COVID-19 pandemic on May 6. Themeeting of the committee was held on May 4 to talk about the financing planbeing offered by the ADB to combat the virus.
