Pakistan has received fresh loans of $1.725 billion from various funding banks

Pakistan Has Received Fresh Loans Of $1.725 Billion From Various Funding 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.

Also Read: Pakistan Government Received Rs. 2.20 Trillion Foreign Assistance for FY 2020-21

During the last week, the country made a 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 the 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 the Covid-19 outbreak and its related lockdown globally and nationally.

Muhammad Salman Siddique
Researcher and Content Writer at e-Syndicate Network. A constant learner. Learning and growing every day. Salman has over 5 years of experience in the fields of Digital Marketing, Content Writing, Brand and Business Development.