Govt obtains loans worth $12.022bn in seven months

The federal government has obtained $12.022 billion in loans and grants during the first seven months of the current fiscal year 2021-22.

Document states that  the government borrowed the amount from commercial banks, multilateral institutions and different countries during July-January period against a yearly budget estimation of obtaining loans worth $14.088 billion.

The Q-block managed to secure $196.1 million from different countries, including $100 million from China, $7.36 million from France, $11.38 million from Japan, $3.36 million from Korea, $12.25 million from Germany, $14.54 million from UK and $45.27 million grant and loans from USA in the first seven months of current fiscal year.

The government has also obtained $2.62 billion loans from commercial banks including $61 million from Ajman bank, $1.14 billion from Dubai bank, $591 million from Emirates Bank, $487 million from Standard Chartered Bank London and $343 million from Suisse AG.

The document shows that the government has also raised $2.041 billion by floating bonds in the period under review.

Moreover, the government has also received $179 million in grants from Germany, Japan, UK, USA and ADB.

Document states that Saudi Arabia has also deposited $3 billion while the publicly guaranteed loan worth of $832.53 million was also obtained in seven months.