Pakistan Needs Foreign Loans of $23 Billion Next Fiscal Year

Pakistan needs external financing of $23 billion next fiscal year, Finance Ministry sources told ProPakistani. The Ministry of Finance expects $12 billion in debt to be rolled over from friendly countries. In this regard, sources said the authorities are seeking rollovers of $5 billion from Saudi Arabia, $3 billion from the UAE, and $4 billion from China in 2024-25. Sources said there are prospects for new financing arrangements with China, which will be incorporated into the new federal budget. Meanwhile, the IMF loan program is expected to contribute over $1 billion in additional funds next fiscal year. Sources added that new external financing from the World Bank and the Asian Development Bank (ADB) is factored into the budget estimates as well. Finance Ministry sources added that new loan programs are on the horizon, and the federal government is preparing to engage various lending partners to expedite the process.