The Pakistani government has just received $500 million from the Asian Infrastructure Investment Bank (AIIB). The ministry announced the transaction on its Twitter account, stating, “Government of Pakistan has today received $500 million from AIIB. The funds are deposited with the State Bank of Pakistan (SBP) and will augment our reserves.”
As the country’s foreign currency reserves have dwindled in recent months, the funding from AIIB is essential. As of November 18th, the nation’s reserves totaled $7.8 billion.
As a result of settlement of foreign debt, SBP reserves fell by $134 million to $7,825.7 million during the week ending November 18, 2022, the SBP said on Friday.