Islamabad October 21 2022: Pakistan will receive an amount of USD 1.5 Billion from Asian Development Bank next week, according to country’s fiancé Minister.
“Asian Development Bank’s Board has approved today BRACE facility of US Dollars 1.5 Billion for Pakistan. Agreement signing and release of funds in the week beginning Monday 24th Oct 2022” says Pakistan Finance Minister Ishaq Dar.
These flows will increase SBP foreign exchange reserves which stands at the level of USD 7,597 million as of 14th October 2022, just enough to cover imports of 1 and a half months.
Earlier, the Asian Development Bank (ADB) has 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.
