ISLAMABAD  -  The State Bank of Pakistan (SBP) has received $500 million from Asian Development Bank (ADB) as proceeds of a loan to thegGovernment of Pakistan for Climate Change and Disaster Resilience Enhancement Programme (CDREP).

These proceeds will be reflected in SBP’s foreign exchange reserves for the week ending on 29th November, 2024 to be published on 05th December, 2024. The inflows would increase the country’s foreign exchange reserves, which are currently standing at $16,076.2 million as of 22-Nov-2024.

The break-up of the foreign reserves position showed that foreign reserves held by the State Bank of Pakistan are $11,418.5 million and net foreign reserves held by commercial banks are $4,657.7 million. During the week ended on 22-Nov-2024, SBP reserves increased by $131 million to $11,418.5 million.

The reserves have build as Pakistan has borrowed $2.73 billion from international donors during the first four months (July to October) of the current fiscal year. The country has received the first tranche of $1.03 billion from the International Monetary Fund (IMF). Meanwhile, Pakistan has received $1.7 billion from other bilateral and multilateral sources during the first four months of the current fiscal year, according to the latest data of Ministry of Economic Affairs. The government had budgeted $19.393 billion from multiple financing sources for the fiscal year 2024-25 including $19.216 billion loans and $176.29 million grants. Pakistan has received only 14 percent of the annual budgeted amount in July to April period of the ongoing financial year.