Pakistan received US $ 500 million says Ishaq Dar

AIIB transferred $500 million for BRACE program
Funds to support forex reserves for State bank of Pakistan

The Government of Pakistan has received US $ 500 million today, confirmed Finance Minister Ishaq Dar. The deposit was made in relation to Building Resilience with Active Countercyclical Expenditures (BRACE) program.

Earlier this month the Asian Development Bank (ADB)approved US $1.5 billion in financing to help the Government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.Pakistan confirmed the tranche of US 500 million dollars today, receiving $ 2 billion dollars out of promised $ 2.3 billion dollars loan program.

The aid will help fund the government’s $2.3 billion countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.

Pakistan’s reserves with the central bank stood at $7.8bn as of November 18, barely enough to cover a month’s imports.Pakistan is managing severe financial issues which made speculators for skepticism on bond repayment. Which matures on Dec 5, totals $1.08bn, the bond payment will however be paid on December 2, three days earlier its due date.