Pakistan’s government has received fresh installments of loans worth $728 million from Asian Development Bank and World Bank recently for the development of various projects of infrastructure in different cities.
According to State Bank of Pakistan, the central bank received an amount of $622 million from Asian Development Bank and an amount of $106 million from World Bank.
Besides inflows of loans worth $728 million, the foreign exchange reserved received an additional inflows of $ 227 on different accounts. Hence the country’s overall inflows were remarkably increased by $955 million during the outgoing week.
This is the biggest inflows since the commencement of the year 2017. Previously, the central bank received $550 million in March from USA on the account of Coalition Support Fund (CSF). However, the central bank to pay off $2.5 billion to various foreign banks on the account of loans repayment along with its interest since the beginning of the calendar year.
The updated data stated that the foreign exchange reserves of the central bank stand at $16.37 billion. Forex reserves held by commercial banks stand at $ 4.98 billion.
Overall, Pakistan foreign exchange inflows surged to $21.35 billion as of June 23, 2017, up from $20.36 billion as of 16 June, 2017.
The dramatic fall and rise of foreign exchange reserves have been hallmark of the present government for the purpose of development, which has been came under harsh criticism by the independent economists due to rising level of overall foreign debts that crossed a mark of $75 billion in the recent months.