Pakistan Got Foreign Loans of $11.5 Billion in 11 Months of FY24

Pakistan received foreign loans of $11.547 billion during the first eleven months (July-May) of the fiscal year 2023-24 (FY24). Pakistan borrowed $7.547 billion from multiple financing sources during 11MFY24 compared to $8.613 billion borrowed during the same period of FY23, revealed the Economic Affairs Division (EAD) data. The data shows that the country received $402.97 million in May 2024 compared to $491.69 million in May 2023. The government had budgeted $17.619 billion from multiple financing sources for FY24 including $17.384 billion loans and $234.60 million grants. The country received $1.015 billion under the head of the “Naya Pakistan Certificate” during 11MFY24. The country received $3.134 billion from multilaterals and $888.93 million from bilateral in 11MFY24. The non-project aid was $4.981 billion including $3.837 billion for budgetary support and project aid was $2.565 billion. China disbursed $508.34 million under the head guaranteed for the JF-17 B project funded by China National Aero-technology Import and Export Corporation (CATIC). China further disbursed 68.23 million in 11MFY24 against the government budgeted of $18.54 million for FY24. The Asian Development Bank (ADB) disbursed $766.42 million during the period under review compared to the budgeted $2.086 billion for FY24. Saudi Arabia disbursed $595.18 million against the budgeted $600 million under the head of oil facility during 11MFY24. Saudi Arabia disbursed another $64.03 million in 11MFY24. The US disbursed $38.53 million in 11MFY24 against the budgeted $21.60 million for FY24. Korea disbursed $26.61 million and France $45.17 million during FY24. The IDA disbursed $1.518 million in 11MFY24 against the budgeted $1.489 billion for FY24 and IBRD $195.28 million against the budgeted $840.36 million. The IsDB (Short-term) disbursed $200 million in 11MFY24 against the budgeted $500 million for FY24 and AIIB disbursed $315.09 million, while IFAD disbursed $42.43 million against the budgeted $42.68 million for FY24. The government had budgeted $2.4 billion from the IMF for FY24 and received $3 billion under the Stand-By Arrangement (SBA); however, the EAD data does not reflect it. Further, there is no mention of $1 billion disbursed by the UAE. If the IMF and the UAE inflows are added, the total inflows would reach $11.547 billion during 11MFY24. The $7.547 billion included $2 billion received from Saudi Arabia under the head of time deposit. The data further showed that the government had budgeted estimates of $4.5 billion from the foreign commercial banks for FY24; however, no money was received under this head in 11MFY24. The government had budgeted $1.5 billion from the issuance of bonds; however, as the country did not issue the bonds, hence no amount was received in 11MFY24.