ISLAMABAD: Pakistan will obtain $ 31.33 billion loans from different sources in next six years under the medium and long-term policy.
Documents available with Pakistan Today stated that the Finance Ministry has estimated to get $ 31.33 billion loans from Paris club, Non-Paris club, Multilateral, Commercial Banks and Bonds from November 2017 to June 2023.
Paris Club will lend $ 5.63 billion until June 2023. It will provide $ 841 million in the eight months of the current fiscal year 2017-18 moreover $ 897 million, $ 928 million. $ 952 million, $ 986 million, $ 1025 million will be provided to Pakistan until June 2023 respectively.
Non-Paris Club will give $ 4.50 billion advances to Pakistan until June 2023. The lending of Non- Paris club consist $ 822 million from November 2017 to June 2018, $ 610 million in 2018-19, $ 656 million in 2019-2020, $ 629 million in 2020-21, $ 882 million in 2021-22, $ 904 million in 2022- 2023 respectively.
Furthermore, Pakistan will obtain $ 10.692 billion from multilateral sources till June 2023. State bank of Pakistan will get $ 1129 million in remaining eight months of current fiscal year moreover $ 1757 million, $ 1890 million; $ 1953 million, $ 2007 million and $ 1956 million will land into Pakistan’s accounts in remaining five years.
The medium and long-term financing from commercial banks consists of $ 5.76 billion. Finance Ministry has estimated that $ 832 million come into the accounts of SBP this year while $ 1761 million in 2018-19, $ 2230 million in 2019-2020, $ 648 million in 2020-21, $ 132 million in 2021-22 and $ 162 million in 2022- 2023 respectively.
Pakistan will get $ 4.314 from floating bonds in the international market till June 2023. It is estimated the government will float bonds worth $ 205 million in the fiscal year 2017-18, $ 1344 million in 2018-19, $ 1238 million in 2019-2020, $ 204 million in 2020-21, $ 1176 million in 2021-22 and $ 149 million in 2022- 2023 respectively.
Documents further indicated that the total loan outstanding against four provinces as well as the government of AJK and Gilgit Baltistan stand at $ 9.35 billion. The government of Punjab had taken 139 loans from different sources through Economic Affair Division. It has to pay $ 5.115 billion, Sindh $ 2.44 billion, KPK $ 1.19 billion, Balochistan $ 435 million, AJK $ 155 million and GB $ 3.8 million respectability to the federal government, documents added.
Documents stated that Pakistan has paid $ 25.11 million interest against the total disbursement of $ 2 billion in China Pakistan Economic Corridor (CPEC) project till October 2017.
China government has disbursed $ 414 million in the fiscal year 2015-16 on which federal government paid $ 0.14 million, meanwhile in the fiscal year 2016-17, Pakistan obtained $ 1.2 billion in CPEC related project.
In addition to this, Pakistani government received $ 399 million in first four months of the current fiscal year 2017 on which $ 24 million was paid as interest to the Chinese government, the document indicated.
It is pertinent to mention here that Pakistan’s overall debt and liabilities have crossed Rs 26 trillion in which domestic debt and liabilities stand at Rs 17 trillion, whereas the external debt and liabilities stand at around $ 9 trillion.
The incumbent government had taken Rs 12 trillion loans since May 2013. According to Finance Ministry, Pakistan will repay $ 5 billion per annum until 2022.
State Minister of Finance Rana Afzal told that generally, Pakistan’s repayment schedule is $ 4 to $ 5 billion annually. “I cannot confirm this figure but it is likely to be near to aforementioned figure of $ 31.33 billion.
I need loan
No we do not need loan because it is drained into the rulers banks and the people get nothing except to repay with interest.
Pl approved my loan