ISLAMABAD: The State Bank of Pakistan (SBP) today received $500 million from the Asian Infrastructure Investment Bank (AIIB).
“AIIB today transferred to State Bank of Pakistan/Govt of Pakistan $500 million as programme financing,” Finance Minister Ishaq Dar said in a tweet on Tuesday.
Asian Infrastructure Investment Bank (AIIB) has transferred today, as per their Board’s approval, to State Bank of Pakistan/Government of Pakistan
— Ishaq Dar (@MIshaqDar50) November 29, 2022
US $ 500 million as program financing.
“These funds will be used to cushion the impact of floods in the country,” Dar added.
The Building Resilience with Active Countercyclical Expenditures Programme (BRACE) is an Asian Development Bank (ADB) financing programme to combat the social fallouts of economic crisis.
The loan will finance the government’s $2.3 billion countercyclical programme evolved to cushion the impacts of external shocks, including the Russian invasion of Ukraine.
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