Pakistan receives $500mn from AIIB, deposited in SBP

MG News | November 29, 2022 at 12:25 PM GMT+05:00

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November 29, 2022 (MLN): The federal government of Pakistan on Tuesday received $500 million from Asian Infrastructure Investment Bank (AIIB) as indicated by the Governor of the State Bank of Pakistan (SBP) earlier.

The funds have been deposited with the central bank which will augment the country's foreign exchange reserves, a statement published by the Ministry of Finance on Twitter.

To recall, on November 9, 2022, the board of AIIB approved $500mn co-financing for Pakistan under Building Resilience with Active Countercyclical Expenditures (BRACE) program funded by Asian Development Bank (ADB).

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