Pakistan receives $500m from Asian Infrastructure Investment Bank
Finance Minister Ishaq Dar announced on Tuesday that the Asian Infrastructure Investment Bank (AIIB) had transferred $500 million to the State Bank of Pakistan (SBP).
“AIIB has transferred today, as per their board’s approval, to State Bank of Pakistan/Go nment of Pakistan $500 million as programme financing,” the minister said on Twitter
Earlier this month, the finance minister had said Pakistan would receive the funds as co-financing for a development programme.
The Building Resilience with Active Countercyclical Expenditures Programme is an Asian Development Bank (ADB) financing programme to counter the social fallouts of economic crisis.
Last month, the ADB signed an agreement with Pakistan to provide a $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction activities.
The loan, provided under the BRACE Programme, was provided to fund the go nment’s $2.3bn countercyclical development expenditure programme designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.
The $1.5bn loan was aimed to provide social prection, prome food security, and support employment for people amid devastating floods and global supply chain disruptions.
The State Bank later announced that it had received $1.5bn from the ADB “as disbursement of policy-based loan for the go nment of Pakistan”.
Great. Please let's know the interest rate and repayment terms. That is very important.
Sab Se Pehle Pakistan
Congratulations PDM. Nation be rest assured each and every penny will end up in their bank accounts.
More loans being added to the list.
Living on bits and pieces
Finance Minister Ishaq Dar announced on Tuesday that the Asian Infrastructure Investment Bank (AIIB) had transferred Rs500 million to the State Bank of Pakistan (SBP).
Wants to tske credit for a loan. He will use it to oay IMF instalment and nothing will be available for infrastructure.
Chinese Bat Vir s
Loans loans more loans. Yayyy!!
Ruling elite is richer by $500 million.
Waoo. Excellent. It is time to Call a Big Party.
I think he will probably use this for ion cost, he better not.
@Sab Se Pehle Pakistan,
Let's not forget PTI in its time in office took record amount of loans and zero infrastructure work done all the money went in IKs pockets
Straight to PDM accounts to shared among the 1%.
Now he can build his another sky scraper in Dubai.
As if that is something to be proud of.
First of all this needs to be seen if the amount has actually gone into the account of the State Bank of Pakistan or an account named state bank of Pakistan. Trust issues won't go away that easily.
Pakistan- AIIB friendship Zindabad!
Here today , gone tomorrow. Zero benefit to the common man .
Straight to London dubai USA Belgium
Why you wasting dar?
What is so special to be proud of while taking loans? more miseries for the people of Pakistan and then he will run away abroad
Mus m Medina
And the de t keeps on increasing so is the offshore accounts of Sharif family.
India is the biggest contributor to ADB.
THANK YOU INDIA
Can we stop begging yet?
Mansur Ul Haque
All this receipt of funding is to make early payment of bonds on 2 December that is due on 5 December. We are in vicious trap of de ts. We are kee things rolling by borrowing from one and paying to other. Financial charges keep on rising. How long it will sustain? Not for ever. We have to raise our reserves by increasing exports/ foreign remittances/ reducing imports etc. Till now no such plan has been unveiled.
Correct me if I'm wrong, this money has been loaned to Pakistan to mitigate the aftereffects of the floods but will instead be used to pay off other loans. How does this benefit the common man or help in development?