Foreign inflows rise in July, August

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ISLAMABAD: Pakistan has received $1.622 billion foreign inflows in the first two months of the current fiscal year, almost doubling the figure of $820 million from the same period last year.

The latest data of the Economic Affairs Division on foreign assistance shows foreign inflows amounted to Rs258.6bn ($1.622bn) in two months compared to Rs102.67bn ($820 million) of the same period last year.

The full year target of foreign inflows is Rs3.032 trillion (about $19bn) for the whole financial year 2019-20 against last year’s budget target of $9.7bn (Rs1.113 trillion). The EAD data showed that Pakistan received about $919m (Rs146bn) from multilateral lenders, $321.5m (Rs51.7bn) from commercial loans and $382m (Rs61bn) from bilateral lenders.

Of the $321.5m commercial loans, the biggest chunk of $148m was provided by CitiBank, $123.3m by Dubai Bank and $50m by Suisse AG, United Bank Limited and Allied Bank Limited.

Out of $919m assistance from multilaterals, the Asian Development Bank provided the highest share of $529m, followed by $285m by the Islamic Development Bank, $83m by the World Bank Group and $22m by the International Fund for Agriculture Development (IFAD).

Among the bilateral lenders, China stood on top of the list with $158m loan, followed by Saudi Arabia with $108m loan, $81m by the UK, $16m by Japan, $12m by the US and $6.58m by Germany.

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