Pakistan receives $500 million from ADB

Pakistan has received $500 million loan from Asian Development Bank to combat climate change and to help improve foreign exchange reserves.

The SBP received the funds from the Asian Development Bank as proceeds of a loan to the government of Pakistan for the Climate Change and Disaster Resilience Enhancement Program (CDREP),” SBP said in a statement issued Thursday evening.

According to the SBP, these proceeds will be reflected in SBP’s foreign exchange reserves for the week ending 29th November 2024 to be published on 05th December 2024.

Pakistan has earmarked that by end fiscal year the foreign exchange reserves to reach $13 billion.

The SBP’s reserves stood at $11.42 billion as on November 22, 2024 and enough to cover the import bill of more than two months.

The reserves since October 2023 has shown an increase of almost $4 billion from $7.4 billion level.