ADB\'s $500m loan lifts reserves

Pakistan's foreign exchange reserves received a $500 million boost from the Asian Development Bank (ADB) under its Climate Change and Disaster Resilience Enhancement Programme (CDREP). This inflow, expected to be reflected in the State Bank of Pakistan's reserves by the end of November 2024, offers much-needed stability amid ongoing currency fluctuations. The Pakistani rupee has remained range-bound, closing at Rs277.96 against the US dollar on Thursday, reflecting a marginal depreciation. Experts attribute the rupee's movement to internal and external factors, including political developments and remittance inflows. The ADB loan provides a significant cushion for the country's financial reserves, which is critical as Pakistan grapples with external shocks and internal challenges.