Pakistan borrows $6.01 billion in seven months

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Imran Khan

ISLAMABAD: Pakistan has borrowed $6.01 billion from July to January from commercials banks, multilateral organisations and friendly countries. 

Sources said that the Pakistan Tehreek Insaf (PTI) government has taken $6.2 billion loan and grants against the budget estimate of $12.95 billion in the first seven months. 

The government has received $375 million grants and loan in January 2020 which makes the total amount to $6.2 billion. On a bilateral basis, Pakistan took $567 million loan and $199 million grant from July to January of the current fiscal year against the budget estimate of $738 million. 

China remained the leading donor as Beijing has provided $433m whereas Islamabad has planned to get $402 million in the first seven months. In addition to this, France has given $21.09 million loan, Germany $12 million, Japan $24.89 million loan and grant, Korea $93 million, Saudi Arabia $12 million, Uk 128 million and USA has given $39 million loan and grant to Pakistan. In addition to this, sources said that Pakistan took a $3.06 billion loan from multilateral organisations against the budget estimate of $3.9 billion in the first seven months. Islamabad has also received a $65 million grant from IDB and Multi-Donor Trust Fund (MDTF) in the first seven month of the current fiscal year. Overall , the government took 3.1 million loans and grants from multilateral organisations against the budget estimate of 4.01m of 2019-20. 

Pakistan has also borrowed $581 million from Saudi Arabia on a short term basis. The Q block has estimated to borrow $3.2 million in the current fiscal year. 

The loan from commercial banks in the first seven months stands $1.7 billion against the budget estimate of $2 billion. The government has also estimated in the budget that they will get $3 billion from raising the bonds in the international market but so far, the economic team did not float the bonds in the international market. 

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