Pakistan received $7.747b of foreign assistance in FY 2016-17

Islamabad: Data released on Friday by the Economic Affairs Division (EAD) disclosed the government had received $7.747b of foreign aid during first eleven months of financial year 2016-17. The government got loans worth of $1.545b in May 2017 from commercial banks and it had budgeted loans of $2.005b from foreign commercial banks during FY 2016-17.

The government ended up procuring loans of $2.86b from foreign commercial banks during FY 2016-17. These borrowings included $130m from Noor Bank PJSC, $1b from China Development Bank (CDB) and $415m from Swiss based bank Credit Suisse for budgetary support in May this year. Also $115m were obtained for budgetary assistance from Noor Bank PSJC in March, $300m from Industrial and Commercial Bank of China Limited in January. Loans for non-project aid amounting to $700m was obtained from China Development Bank in September last year and $200m as budgetary support loan was received from Noor Bank PJSC.

The EAD data revealed that the government had obtained a loan of $5m from Eco Trade Bank in February and $22.64m from Asian Infrastructure Investment Bank (AIIB) during current FY 2016-17 which was non-budgeted. The government had budgeted foreign aid for FY 2016-17 at $7.998b. It was recorded in first eleven months of FY 2016-17, Pakistan received $7.354b loans and $393.39m grants in the aforementioned period.

Furthermore; the Asian Development Bank (ADB) gave out $940.11m which included $25.79m in May during the first eleven months of FY 2016-17. $543.34m were disbursed by the International Development Association (IDA) which included $63.32m in May, IDB (S-term) gave $350m and the US $77.43m which included $4.6m in May.

And Multi-Donor Trust Fund (MDTF) gave out $34.5m in FY 2016-17, International Bank for Reconstruction and Development (IBRD) $543.34m, UNHCR $0.88m, Japan $48.37m, UK $158.59m, EU $17.84m and IDB $88.63m. China disbursed $1.327b in FY 2016-17 including $153.91m in May. In total, Pakistan received $7.354b loans and $393.39m grants during FY 2016-17. $1.852b was received in May which included loans worth $1.846b and grants $5.92m.