Finance Minister Ishaq Dar said that the Asian Development Bank (ADB) had transferred a $1.5 billion loan to Pakistan on Wednesday.

The loan would increase foreign exchange reserves and stop the devaluation of the rupee.

The support from ADB will help increase the number of families receiving cash transfers from 7.9 million to 9 million, boost the enrollment of kids in primary and secondary schools, and improve the geographic reach of health services and nutritional supplies for infants under 2 years old and expectant and nursing mothers.

With the transfer of ADB, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) have reached $9 billion.

As of October 14, the nation’s total foreign exchange reserves were at $13.25 billion, which included SBP’s holdings of $7.597 billion, or almost five weeks’ worth of restricted imports.

The $1.5 billion ADB loan is intended to encourage employment for people in the midst of disastrous floods and interruptions to the global supply chain while also promoting food security and social protection.

Following the signing of the loan agreement, the ADB released a statement saying that the funding will give the government the fiscal breathing room it needs to implement its package, which is intended to help Pakistan’s poorest families, who are frequently disproportionately impacted during times of crisis.

According to the bank, the government’s assistance includes specific initiatives to encourage gender empowerment and climate change adaptation, which have grown even more crucial in light of the most recent floods.