Pakistan Receives $1.725 Billion from Various Banks

Pakistan has received fresh loans of $1.725 billion from various funding banks which provided support to foreign exchange reserves and Rupee against Dollar.

According to details, State Bank of Pakistan (SBP) has received around $1.725 billion, including $725 million from the World Bank, $500 million from Asian Development Bank and $500 million from Asian Infrastructure Investment Bank.

With the fresh injection of funds, foreign exchange reserves surged to $18.45 billion including the reserves of SBP which stood at $11.68 billion and reserves maintained by commercial banks stood at $6.78 billion.

During the last week, the country made debt payment of $244.5 million

The incumbent government is making all-out efforts to maintain the stability of the forex reserves, current account, and the value of Rupee against Dollar.

In this connection, it succeeded in deferring the debt payment of Paris Club and G20 countries. It is looking to get a year’s relief from Saudi Arabia’s facility of deferred payment against oil imports as well.

These measures will likely give some respite to the economic managers of the country and the support to economic stability that observed severe jolts due to Covid-19 outbreak and its related lockdown globally and nationally.

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