{"id":89625,"date":"2022-10-27T15:30:17","date_gmt":"2022-10-27T10:30:17","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=89625"},"modified":"2022-10-27T15:30:19","modified_gmt":"2022-10-27T10:30:19","slug":"adb-usd-1-5-bn-pakistan-brace-program","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/adb-usd-1-5-bn-pakistan-brace-program.html","title":{"rendered":"ADB releases USD 1.5 bn for Pakistan under BRACE program"},"content":{"rendered":"\n<p>Karachi: The Asian Development Bank (ADB) on Wednesday (October 26) released USD 1.5 billion to Pakistan to stabilise the national economy, news sources reported.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/murad-adb-rehabilitation-affected-houses.html\" data-type=\"post\" data-id=\"89623\" target=\"_blank\" rel=\"noreferrer noopener\">Murad asks ADB to support rehabilitation of flood-affected houses<\/a><\/p>\n\n\n\n<p>The funds were released under the BRACE (Building Resilience Under Active Countercyclical Expenditures) program, which aims to support the government\u2019s efforts to deal with the adverse impacts of devastating floods, supply chain disruptions, rising energy prices, and inflation on the poor and vulnerable.<\/p>\n\n\n\n<p>Through its official Twitter handle, the <a href=\"https:\/\/www.zameen.com\/news\/sbp-five-highways-ijarah-sukuks-bonds.html\" data-type=\"post\" data-id=\"89463\" target=\"_blank\" rel=\"noreferrer noopener\">State Bank of Pakistan (SBP) <\/a>announced that it had received USD 1.5 billion from the ADB \u2018as disbursement of policy-based loan for the government of Pakistan\u2019. These proceeds have increased the foreign exchange reserves of SBP and will be reflected in the reserves for the week ending Oct 28.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"twitter_widget_wrapper alia_embed_wrapper\"><div class=\"twitter_widget_border\"><!--ALIA start embed content--><blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/SBP?src=hash&amp;ref_src=twsrc%5Etfw\">#SBP<\/a> has received US Dollar 1.5 billion from ADB in value 26Oct22 as disbursement of policy based loan for the Government of Pakistan. These proceeds have increased the FX reserves of SBP and will be reflected in the reserves for the week ending 28Oct22.<\/p>&mdash; SBP (@StateBank_Pak) <a href=\"https:\/\/twitter.com\/StateBank_Pak\/status\/1585362026892824588?ref_src=twsrc%5Etfw\">October 26, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><!--AliA end embed content--><\/div><\/div>\n<\/div><\/figure>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/imf-support-relief-flood-areas.html\" data-type=\"post\" data-id=\"88789\" target=\"_blank\" rel=\"noreferrer noopener\">IMF to support relief and reconstruction of flood hit areas<\/a><\/p>\n\n\n\n<p>It is vital to highlight that Pakistan must service USD 32 billion in debt commitments in the current fiscal year (2023), which requires foreign finance. Furthermore, to compensate for the gap, the government has set the largest tax collection target of more than PKR 7 trillion under the <a href=\"https:\/\/www.zameen.com\/news\/imf-usd-1-17-bn-loan-pakistan-eff.html\" data-type=\"post\" data-id=\"88316\" target=\"_blank\" rel=\"noreferrer noopener\">IMF-approved plan<\/a>. The IMF previously disbursed the government USD 1.1 billion to help stabilise its FOREX reserves, which have plummeted to USD 7.8 billion in recent months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The Asian Development Bank (ADB) on Wednesday (October 26) released USD 1.5 billion to Pakistan to stabilise the national economy, news sources reported. Read: Murad asks ADB to support rehabilitation of flood-affected houses The funds were released under the BRACE (Building Resilience Under Active Countercyclical Expenditures) program, which aims to support the government\u2019s efforts to deal with the adverse impacts of devastating floods, supply chain disruptions, rising energy prices, and inflation on the poor and vulnerable. Through its official Twitter handle, the State Bank of Pakistan (SBP) announced that it had received USD 1.5 billion from the ADB \u2018as disbursement of policy-based loan for the government of Pakistan\u2019. These proceeds have increased the foreign exchange reserves of SBP and will be reflected in the reserves for the week ending Oct 28. Read: IMF to support relief and reconstruction of flood hit areas It is vital to highlight that Pakistan must service USD 32 billion in debt commitments in the current fiscal year (2023), which requires foreign finance. Furthermore, to compensate for the gap, the government has set the largest tax collection target of more than PKR 7 trillion under the IMF-approved plan. The IMF previously disbursed the government USD&hellip;<\/p>\n","protected":false},"author":84,"featured_media":63438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[54675,54674],"persona":[],"class_list":{"0":"post-89625","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-adb-releases-1-5-billion","9":"tag-adb-releases-usd-1-5-bn-for-pakistan-under-brace-program","10":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ADB releases USD 1.5 bn under BRACE program - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The Asian Development Bank (ADB) on Wednesday (October 26) released USD 1.5 billion to Pakistan to stabilise the national economy, news sources\" \/>\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\/adb-usd-1-5-bn-pakistan-brace-program.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADB releases USD 1.5 bn under BRACE program - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The Asian Development Bank (ADB) on Wednesday (October 26) released USD 1.5 billion to Pakistan to stabilise the national economy, news sources\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/adb-usd-1-5-bn-pakistan-brace-program.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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