Pakistan Received $6.67 Billion in Foreign Loans During 8 Months of FY24

The country borrowed $6.678 billion from multiple financing sources during the first eight months (July-February) of the current fiscal year 2023-24 compared to $7.407 billion borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data. Data further shows that the country received $332.60 million in February 2024 compared to $1.271 billion in February 2023. The government has budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received $1.9 billion of the $3 billion 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 UAE inflows are added, the total inflows would reach $9.578 billion during the first eight months of the current fiscal year. The $6.678 billion included $2 billion received from Saudi Arabia under the head of time deposit during July 2023. The data further shows 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 eight months of the current fiscal year. The government had budgeted $1.5 billion for the issuance of bonds, however, the country has yet to issue the bonds, hence no amount has been received so far. The government had budgeted $17.619 billion from multiple financing sources for the current fiscal year including $17.384 billion in loans and $234.60 million in grants. The country received $686.82 million under the head of “Naya Pakistan Certificate” during the first eight months of the current fiscal year 2023-24. The country received $2.635 billion from multilateral and $847.95 million from bilateral during July-February 2023-24. The non-project aid was $4.628 billion including $3.483 billion for budgetary support and project aid was $2.049 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-February against the government budget of $18.54 million for the current fiscal year. Asian Development Bank (ADB) disbursed $643.62 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-February 2023-24. Saudi Arabia disbursed another $59.10 million in the current fiscal year so far. The USA disbursed $34.73 million in the first eight months against the budgeted $21.60 million for the fiscal year. Korea disbursed $19.83 million and France $36.42 million during the current fiscal year. The IDA disbursed $1.221 million in July-February against the budgeted $1.489 billion for the current fiscal year and IBRD $152.92 million against the budgeted $840.36 million. IsDB (Short-term) disbursed $200 million in July-February against the budgeted $500 million for the current fiscal year and AIIB disbursed $299.47 million, while IFAD disbursed $25.60 million against the budgeted $42.68 million for the current fiscal year.