Asian Development Bank on Wednesday transferred $1.5 billion loan to Pakistan which would help build the foreign exchange reserves and rein in the rupee’s depreciation.
The ADB on Monday signed an agreement with Pakistan to provide $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction.
The country’s total forex reserves had declined to $13.25bn as of Oct 14, which included SBP’s holdings of $7.597bn, equivalent to about five weeks of controlled imports.
The $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.