Pakistan’s total liquid foreign reserves increases to $14.68 billion

The Asian Development Bank (ADB) contributed to an increase of $1.517 billion in Pakistan’s foreign exchange reserves during the week ending October 28 to bring them to $14.679 billion, the central bank reported on Thursday.

The State Bank of Pakistan’s foreign exchange holdings increased by $1.473 billion to $8.912 billion.

“This increase is attributed to the receipt of US$ 1,500 million from ADB,” the SBP said in a statement.

The SBP has enough reserves to cover imports for 1.29 months. Additionally, commercial bank reserves increased by $44 million to $5.766 billion.

When the government is dealing with a balance of payments issue, the increase in foreign reserves is encouraging for the nation’s finances. At least $30 billion has been lost as a result of the country’s devastating floods this summer.

A $500 million deal between Pakistan and the World Bank has been signed. The $200 million investment will be used to support an agricultural transformation project in Punjab.

According to The News, another project in Khyber Pakhtunkhwa for $300 million in climate change projects will be funded by the World Bank.