ISLAMABAD: The federal government has obtained $4.6 billion loans and grants during the first five months of the current fiscal year 2021-22.
According to a document seen by Profit, the federal government borrowed the amount from commercial banks, multilateral institutions and different countries during the July-November period against a yearly budget estimation of obtaining loans worth $10.3 billion.
The Q-block managed to secure $84.29 million from different countries, including $73.35 million from China, $3.75 million France, $3.25 million Japan, $2.77 Korea and $1.09 million from Saudi Arabia.
The government has also obtained $1.5 billion from commercial banks including $61 million Ajman bank, $720 million Dubai bank, $478 million SCB London and $270.50 million from Suisse AG, UBL and ABL.
Meanwhile, multilateral institutions including Asian Development Bank (ADB) have lent $618.55 million, AIIB $36.57 million, IBRD $86.27 million, IDA $679 million, IDB $2.13 million, IDB short term $446.25 million and IFAD $8.91 million during this period.
The document shows that the government has also raised $1,000 million by floating bonds in the period under review.
Moreover, the government has also received $123 million in grants from Germany, Japan, the UK, the USA, IBRD, ADB and MDTF during 5MFY22 against the yearly budget estimation of $3.7 billion.
It is pertinent to note that the government’s budget for FY22 estimates to obtain $14,088.5 million loans and grants.
The Pakistan Tehreek-e-Insaf (PTI) government has obtained $38 billion and repaid $29 billion in loans during the last three years.
