SBP receives $500m from ADB for climate program

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

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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.

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