Asian Infrastructure Investment Bank (AIIB) had transferred $500 million to the State Bank of Pakistan (SBP) Tweeted Finance Minister Ishaq Dar announced on Tuesday.
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.
“AIIB has transferred today, as per their board’s approval, to State Bank of Pakistan Government of Pakistan $500 million as program financing,”
The finance minister had also said the previous month that Pakistan would receive the funds as co-financing for a development program. The Building Resilience with Active Countercyclical Expenditures Programme is an Asian Development Bank (ADB) financing program to counter the social fallouts of economic crisis.
ADB signed an agreement with Pakistan to provide a $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction activities. The loan, provided under the BRACE Programme, was provided to fund the government’s $2.3bn countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.
The $1.5bn loan was aimed to provide social protection, promote food security, and support employment for people amid devastating floods and global supply chain disruptions. The State Bank later announced that it had received $1.5bn from the ADB “as disbursement of policy-based loan for the...
Read Full Story: https://news.google.com/__i/rss/rd/articles/CBMiY2h0dHBzOi8vd3d3LnRlY2hqdWljZS5way9hc2lhbi1pbmZyYXN0cnVjdHVyZS1pbnZlc3RtZW50LWJhbmstaGFzLWdpdmVuLTUwMG0tdG8tcGFraXN0YW4taXNoYXEtZGFyL9IBAA?oc=5
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
