Pakistan Got Over $7.1 Billion Foreign Loans in 10 Months of FY24

The country borrowed $7.142 billion from multiple financing sources during the first ten months (July-April) of the current fiscal year 2023-24 compared to $8.123 billion borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data. The data further shows that the country received $237.24 million in April 2024 compared to $358.61 million in April 2023. The government has budgeted $ 2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received $3 billion under the Stand-By Arrangement (SBA); however, the EAD data does not reflect it. Further, there is no mention of the $1 billion disbursed by the UAE. If the IMF and the UAE inflows are added, the total inflows would reach $11.142 billion during the first ten months of the current fiscal year. The $7.142 billion included $2 billion received from Saudi Arabia under the head of time deposit during July 2023. The data further showed that the government had budgeted estimates of $4.5 billion from the foreign commercial banks for the current fiscal year 2023-24; however, no money was received under this head during the first ten months of the current fiscal year. The government had budgeted $1.5 billion for the issuance of bonds; however, as the country is yet to issue the bonds, hence no amount is received so far. The government had budgeted $17.619 billion from multiple financing sources for the current fiscal year including $17.384 billion loans and $234.60 million grants. The country received $889.43 million under the head of the “Naya Pakistan Certificate” during the first ten months of the current fiscal year 2023-24. The country received $2.866 billion from multilateral and $877.76 million from bilateral during July-April 2023-24. The non-project aid was $4.842 billion including $3.697 billion for budgetary support and project aid was $2.300 billion. China disbursed $508.34 million under the head guarantee for the JF-17 B project funded by China National Aero-technology Import and Export Corporation (CATIC). China further disbursed 67.39 million in July-April against the government budget of $18.54 million for the current fiscal year. The Asian Development Bank (ADB) disbursed $708.30 million during the period under review compared to the budgeted $2.086 billion for the fiscal year 2023-24. Saudi Arabia disbursed $595.18 million against the budgeted $600 million under the head of oil facility during July-April 2023-24. Saudi Arabia disbursed another $62.03 million in the current fiscal year so far. The USA disbursed $37.02 million in the first ten months against the budgeted $21.60 million for the fiscal year. Korea disbursed $26.61 million and France $41.66 million during the current fiscal year. The IDA disbursed $1.353 million in July-April against the budgeted $1.489 billion for the current fiscal year and IBRD $171.67 million against the budgeted $840.36 million. The IsDB (Short-term) disbursed $200 million in July-April against the budgeted $500 million for the current fiscal year and AIIB disbursed $309.95 million, while IFAD disbursed $26.29 million against the budgeted $42.68 million for the current fiscal year.