SBP receives $500m from ADB for climate program

MG News | November 28, 2024 at 09:01 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

November 28, 2024 (MLN): The State Bank of Pakistan (SBP) has received $500 million from Asian Development Bank (ADB) as proceeds of a loan to the Government of Pakistan for Climate Change and Disaster Resilience Enhancement Program (CDREP).

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

According to ADB's latest report, climate change, under a high-emissions scenario, could lead to a total loss of 21.1% of Pakistan's GDP by 2070.

This loss stands far above prior model-based losses and are consistent with the upper bound of econometric estimates.

They also confirm that climate policy responses, including adaptation and mitigation, will be essential to the future welfare of the Asia and Pacific region.

Hence, this funding from ADB will prove to be extremely beneficial and move Pakistan into a better position for climate resilience.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	177,955.51 511.87M	-1.41% -2546.94
ALLSHR	107,760.09 1,031.65M	-1.33% -1447.05
KSE30	52,861.72 168.23M	-1.67% -899.47
KMI30	250,423.07 172.67M	-1.65% -4194.95
KMIALLSHR	69,064.88 707.35M	-1.58% -1107.48
BKTi	50,927.55 36.18M	-1.64% -850.36
OGTi	35,469.86 14.02M	-2.08% -753.79

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	64,345.00	64,685.00 64,070.00	-65.00 -0.10%
BRENT CRUDE	90.87	91.85 90.61	0.00 0.00%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	0.50 0.46%
ROTTERDAM COAL MONTHLY	122.00	122.25 122.00	-0.25 -0.20%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	84.07	85.07 83.77	0.33 0.39%
SUGAR #11 WORLD	17.35	17.59 16.89	0.48 2.85%