ISLAMABAD: China has given Rs121 billion debt to Pakistan in the first eight months of the current fiscal year 2017-18, it has been learnt reliably.
Sources told this scribe that the total debts and grants from multilateral, bilateral and commercial banks remained Rs810 billion from July to February 2018.
In February 2018, Pakistan borrowed Rs79.61 billion from China meanwhile, 11 countries including China, France, Germany, Japan, Kuwait and Saudia Arabia on bilateral basis gave Rs156 billion in loans and grants during the first eight months of the current fiscal year.
Data shows that France has given Rs1.3 billion, Germany Rs1.7 billion, Japan7.9 billion, Kuwait 192million, Oman Rs88 million, Saudi Arabia Rs4.2 billion, Turkey Rs527 million, UK Rs14.3 billion and USA Rs 4.5 billion in grants as well as loans to Pakistan.
Pakistan obtained Rs263 billion by raising bonds in first eight months.
In addition to this, five international commercial banks provided Rs190 billion worth of loans to Pakistan in the first 8 months. Citibank gave Rs28 billion, Dubai Bank Rs5.8 billion, ICBC-China Rs107 billion, SCB (London) Rs21 billion and Rs26 billion given by SUISSE AG, UBL, ABL to Pakistan.
The manila based organisation Asian Development Bank (ADB) has given Rs59 billion in loans and grants from July to February 2018. Moreover, the multilateral AIIB provided 1.8 billion in debts, the European Union (EU) Rs663 million, IBRD Rs14 billion, IDA Rs23 billion, IDB Rs5.9 billion, IDB (ST) Rs93 billion, IFAD Rs1.1 billion, OPEC Fund Rs438 million and UNHCR Rs115 million to Pakistan.
Overall, Pakistan obtained approximately Rs200 billion from 10 multilateral organisations.
Sources told that Pakistan received a Rs80 billion loan under the China Pakistan Economic Corridor projects as well. The projects are Sukkar-Multan, Pesh-Kar Motorway and Havelian Thakot KKH-PII.
Finance ministry had estimated in the budget 2017-18 that the government will borrow $7.69 billion in loans from commercial banks and multilateral and bilateral institutions however it has crossed the limit in first eight months.
