SBP receives 1.3b USD from the Asian Development Bank, the central bank confirms

The State Bank of Pakistan, in a tweet on Tuesday, announced that the central bank has received 1.3 billion USD from the Asian Development Bank (ADB).

According to the details, SBP received the amount under the budget support fund.

The Asian Development Bank has reaffirmed its commitment to continue supporting Pakistan on the economic front by transferring the loan amount.

A day earlier on Monday, Pakistan and the ADB had signed a loan agreement of 1.2 billion USD in the capital city of Islamabad. The agreement between both parties was finalized in the presence of Hammad Azhar—the Federal Minister for Economic Affairs.

As per the details of the agreement, the fresh loan from the Asian Development Bank will focus on strengthening the foreign reserves of the country and improvement in the energy sector.

It is pertinent to mention here that Pakistan is facing significant economic challenges due to a large balance of payments gap and critically low foreign exchange reserves along with weak and unbalanced growth.

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