State Bank receives 2nd tranche of $1bn from Abu Dhabi Fund
KARACHI: The State Bank of Pakistan (SBP) on Tuesday received $1 billion from Abu Dhabi Fund under an agreement to boost the foreign exchange reserves of the country.
On March 9, the SBP has signed an agreement for the placement of the second tranche of $2.0 billion with Abu Dhabi Fund for Development (ADFD). “We have received $1 billion from the ADFD,” the official of finance ministry said.
It may be recalled that the first tranche of $1.0 billion has already been received by SBP in January 2019.
In January 2019, the SBP had signed an agreement with ADFD for $3 billion to be deposited in the SBP account.
Foreign Office has announced that the funds “will help Pakistan achieve financial stability and overcome economic challenges.”
About The Author
