An Asian Development Bank (ADB) finance programme called BRACE (Building Resilience with Active Countercyclical Expenditures Program) seeks to mitigate the social effects of economic crisis.The money would support the central bank’s foreign exchange holdings, which as of October 28 were valued at $8,912.9 million and could cover one month’s worth of imports.
The government needs the reserves in the current scenario since it has to import food as a result of the catastrophic floods that destroyed the agricultural harvests and caused damages worth over $30 billion.
The Asian Development Bank (ADB) also granted $1.5 billion in financing in October to assist Pakistan in providing social protection, fostering food security, and assisting employment for its citizens despite disastrous floods and interruptions to the world’s supply chains.
The government’s $2.3 billion countercyclical development spending programme, which is intended to lessen the effects of external shocks like the Russian invasion of Ukraine, will benefit from the loan, which was provided under ADB’s BRACE programme.
