SBP to soon receive second tranche of $2 billion from Abu Dhabi fund

KARACHI: The State Bank of Pakistan (SBP) on Saturday signed an agreement with Abu Dhabi Fund for Development (ADFD) for the placement of the second tranche of $2 billion.

SBP is expected to receive the $2 billion deposit shortly. The central bank had received the first tranche of $1 billion from the Abu Dhabi Fund in January.

The agreement for the placement of the second tranche of $2 billion by ADFD with the SBP has been signed. These funds are expected to be received shortly by SBP, a notification read.

In January, 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.”