Pakistan receives $500 million from Asian Infrastructure Investment Bank

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Islamabad: In a major boost to the depleting forex reserves of Pakistan, the government on Tuesday received $500 million from the Asian Infrastructure Investment Bank (AIIB).

In a statement, the Ministry of Finance said: “The funds are deposited with SBP and will augment our reserves.”

Finance Minister Ishaq Dar also confirmed the news via a tweet.

“Asian Infrastructure Investment Bank (AIIB) has transferred today, as per their Board’s approval, to State Bank of Pakistan/Government of Pakistan US $ 500 million as program financing,” he wrote on his official Twitter account.

Earlier this month, Ishaq Dar had confirmed that the board of the Asian Infrastructure Investment Bank (AIIB) had approved $500 million as co-financing of the Asian Development Bank (ADB)-funded BRACE program for Pakistan.

“These Funds will be received by [the] State Bank of Pakistan within November 2022,” he had claimed.

BRACE (Building Resilience with Active Counteryclical Expenditures Programme) is an Asian Development Bank (ADB) financing program to counter the social fallouts of economic crises.

Last month, Pakistan had also received $1.5 billion from the Asian Development Bank (ADB) under the Building Resilience with Active Countercyclical Expenditures (BRACE) program.

The ADB had approved $1.5 billion in financing to help the Pakistan government provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.