The Economic Affairs Division disclosed that Pakistan secured loans totaling $6.3 billion in just 7 months.

According to data from the Economic Affairs Division (EAD), Pakistan borrowed $6.306 billion from various financing sources in the initial seven months (July-January) of the fiscal year 2023-24. This marks an increase from the $6.134 billion borrowed during the corresponding period of the previous fiscal year 2022-23.

In January 2024, Pakistan received $331.59 million, up from $294.54 million in January 2023, according to the data.

While the government has budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24, it has received $1.9 billion of the $3 billion Stand-By Arrangement (SBA). However, this information is not reflected in the EAD data.

In addition to the inflows from the IMF and UAE, the $6.306 billion borrowed during the first seven months of the current fiscal year also includes $2 billion received from Saudi Arabia as a time deposit in July 2023.

Notably, the government had budgeted estimates of $4.5 billion from foreign commercial banks for the fiscal year 2023-24, but no funds were received under this category during the initial seven months. Similarly, although $1.5 billion was earmarked for issuing bonds, none have been issued yet, resulting in no funds received under this category thus far. For the current fiscal year, the government had set a budget of $17.619 billion from various financing sources, comprising $17.384 billion in loans and $234.60 million in grants.

During the first seven months of fiscal year 2023-24, Pakistan received $595.09 million through the “Naya Pakistan Certificate” program. The country obtained $2.408 billion from multilateral sources and $794.61 million from bilateral sources during the same period. Non-project aid amounted to $4.535 billion, including $3.309 billion for budgetary support and $1.771 billion for project aid. China disbursed $508.34 million for the JF-17 B project, with additional funding of $42.18 million. The Asian Development Bank (ADB) disbursed $620 million, while Saudi Arabia provided $595.18 million under the oil facility, with an additional $59.05 million disbursed so far in the fiscal year.

During the first seven months of the fiscal year, the USA disbursed $25.67 million, exceeding the budgeted amount of $21.60 million. Korea provided $12.38 million, while France contributed $30.64 million. The International Development Association (IDA) disbursed $1.058 million against the budgeted $1.489 billion, and the International Bank for Reconstruction and Development (IBRD) disbursed $125.58 million compared to the budgeted $840.36 million. The Islamic Development Bank (IsDB) disbursed $200 million against the budgeted $500 million for short-term assistance, and the Asian Infrastructure Investment Bank (AIIB) disbursed $292.96 million. Additionally, the International Fund for Agricultural Development (IFAD) disbursed $23.12 million against the budgeted $42.68 million for the fiscal year.

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