{"id":100683,"date":"2024-11-29T12:33:42","date_gmt":"2024-11-29T07:33:42","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100683"},"modified":"2024-11-29T12:33:45","modified_gmt":"2024-11-29T07:33:45","slug":"foreign-reserves-to-cross-usd-12bn-by-month-end","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/foreign-reserves-to-cross-usd-12bn-by-month-end.html","title":{"rendered":"Foreign reserves to cross USD 12 bn after ADB loan inflows"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Islamabad: Pakistan received $500 million in loan inflows from the Asian Development Bank (ADB) on Thursday, a development confirmed by the State Bank of Pakistan (SBP). The funds, disbursed under the Climate Change and Disaster Resilience Enhancement Program (CDREP), are expected to bolster the country\u2019s foreign exchange reserves, which are projected to surpass $12 billion by the end of November 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong><a href=\"https:\/\/www.zameen.com\/news\/sbp-lowers-policy-rate-to-15.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP lowers policy rate to 15% following decline in inflation<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a statement issued Friday night, the SBP announced, \u201cThe SBP has received US$500 million from the Asian Development Bank as proceeds of a loan to the government of Pakistan for the Climate Change and Disaster Resilience Enhancement Program.\u201d The inflows will be reflected in the SBP\u2019s foreign exchange reserves for the week ending November 29, 2024, with the updated figures to be published on December 5, 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of November 22, 2024, the SBP&#8217;s reserves stood at $11.42 billion, enough to cover over two months of import payments. With the addition of the ADB loan, reserves are on track to cross the $12 billion mark, in line with the SBP Governor Jameel Ahmed\u2019s earlier projection. The governor had predicted a steady upward trend in reserves, driven by external inflows and economic adjustments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-shares-statistics-on-rda-inflows.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP shares statistics on RDA inflows since Sep 2020<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This loan agreement with the ADB was signed last week as part of efforts to enhance Pakistan\u2019s capacity to address risks posed by climate change and natural disasters. The funds come at a time when Pakistan\u2019s economic indicators are showing signs of recovery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts believe the rise in foreign exchange reserves, supported by robust workers\u2019 remittances, export growth, and disbursements from the IMF\u2019s Extended Fund Facility (EFF), will help stabilize the external current account. Pakistan recorded a $218 million current account surplus in July-October FY25, compared to a $1.528 billion deficit in the same period last fiscal year. Workers\u2019 remittance inflows during July-October FY25 reached $11.85 billion, marking a 35% increase year-on-year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-reports-rise-in-pakistans-export-to-us.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP reports rise in Pakistan\u2019s export to US<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The latest inflow from the ADB reinforces Pakistan\u2019s efforts to strengthen its financial stability while addressing critical challenges related to climate change and disaster preparedness.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Pakistan received $500 million in loan inflows from the Asian Development Bank (ADB) on Thursday, a development confirmed by the State Bank of Pakistan (SBP). The funds, disbursed under the Climate Change and Disaster Resilience Enhancement Program (CDREP), are expected to bolster the country\u2019s foreign exchange reserves, which are projected to surpass $12 billion by the end of November 2024. Read:SBP lowers policy rate to 15% following decline in inflation In a statement issued Friday night, the SBP announced, \u201cThe SBP has received US$500 million from the Asian Development Bank as proceeds of a loan to the government of Pakistan for the Climate Change and Disaster Resilience Enhancement Program.\u201d The inflows will be reflected in the SBP\u2019s foreign exchange reserves for the week ending November 29, 2024, with the updated figures to be published on December 5, 2024. As of November 22, 2024, the SBP&#8217;s reserves stood at $11.42 billion, enough to cover over two months of import payments. With the addition of the ADB loan, reserves are on track to cross the $12 billion mark, in line with the SBP Governor Jameel Ahmed\u2019s earlier projection. The governor had predicted a steady upward trend in reserves, driven by external&hellip;<\/p>\n","protected":false},"author":18,"featured_media":76277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[60858,32850,2086,59998,60857,60861,37671,60864,46247,60863,60867,7793,60859,60865,34475,60866,60862,51977,2631,60860],"persona":[],"class_list":["post-100683","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-developments","tag-12-billion-reserves","tag-adb-loan","tag-asian-development-bank","tag-cdrep","tag-climate-change-and-disaster-resilience-enhancement-program","tag-climate-change-financing","tag-current-account-surplus","tag-disaster-resilience-2","tag-economic-stability","tag-export-growth","tag-foreign-currency-reserves","tag-foreign-exchange-reserves","tag-foreign-inflows","tag-imf-extended-fund-facility","tag-pakistan-economy","tag-pakistan-financial-updates","tag-sbp-governor-jameel-ahmed","tag-sbp-reserves","tag-state-bank-of-pakistan","tag-workers-remittances","cat-15016-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Foreign reserves to cross USD 12bn by month end - Zameen News<\/title>\n<meta name=\"description\" content=\"The funds, disbursed under the Climate Change and Disaster Resilience Enhancement Program (CDREP), are expected to bolster the country...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/foreign-reserves-to-cross-usd-12bn-by-month-end.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign reserves to cross USD 12bn by month end - Zameen News\" \/>\n<meta property=\"og:description\" content=\"The funds, disbursed under the Climate Change and Disaster Resilience Enhancement Program (CDREP), are expected to bolster the country...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/foreign-reserves-to-cross-usd-12bn-by-month-end.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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