(Sukuk.net - Khaleej Times) Pakistan has sought $1 billion emergency assistance from the Asian Development Bank (ADB) and the Islamic Development Bank (IDB) to help improve its foreign exchange reserves now dropped to about $9 billion against $16 billion of October last year.

"Both the ADB and IDB have agreed to offer $1 billion emergency assistance, $500 million each before the end of this month," a senior official of the ministry of finance said. He said that IDB would be providing trade financing worth $500 million.

He said that World Bank would also be offering "upfront" funds out of its $1 billion annual assistance to help improve Pakistan's reserves which, he added, had primarily been declining due to higher and expensive oil and food imports.

The ministry of finance, he pointed out, has finalised a new plan to seek local and foreign assistance to get rid of the financial difficulties.

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