KARACHI -- Pakistan received $1.3 billion in loan from Manila-based Asian Development Bank (ADB), shoring up the country foreign currency reserves which had apparently shaken up following Islamabad made a notable foreign debt repayment last week.
'SBP has received $1.3 bn from Asian Development Bank (ADB),' State Bank of Pakistan (SBP) reported on Tuesday.
Earlier, Pakistan successfully made a foreign debt repayment of over $1 billion (including principal amount and interest money) against maturing a five-year Sukuk on December 2. The Islamic/Shariah-compliant bond was issued in December 2014 at a rate of return of 6.75% per year.
The central bank's next weekly update on the reserves position scheduled for Thursday (December 12) is going to record the outflow. The reserves may, however, exactly not reflect the amount of over $1 billion paid in Sukuk considering accounting-in other inflows and outflows during the week ended December 6.
The central bank makes weekly updates on the reserves position with a leg one-week duration to make sure all transactions are properly accounted-in.
The country's foreign currency reserves hit eight-month high at $9.11 billion with a net inflow of $431 million recorded in the week ended November 29...