Pakistan borrows $13.54bn loans, grants in 11MFY22

Estimation of foreign assistance had been $14.088bn in the budget FY22

ISLAMABAD: Pakistan borrowed $13.539 billion loans as well as grants in the first eleven months of the current fiscal year.

According to data by the Economic Affairs Division (EAD), the country received these loans against the total budgeted external loans of $14.088 billion for the entire fiscal year.

The government borrowed $505.65 million from multiple financing sources in May 2022. 

The total receipt of $13.539 billion constitutes $4.254 billion from multilateral, $593.31 million from bilateral, $2.623 billion from foreign commercial banks, $2.041 billion from issuance of bonds and $3 billion from time deposits from Saudi Arabia.

The non-project aid was $10.503 billion including $9.181 billion for budgetary support and project aid was $2.009 billion. 

Guaranteed loans were $1.026 billion during 11MFY22.

The government borrowed $2.623 billion from foreign commercial banks during the first eleven months of the current fiscal year including $1.140 billion from Dubai Bank, $487.26 million from SCB (London), $61 million from Ajman Bank PJSC, $343.50 million from Suisse AG, UBL and ABL and $591.25 million from Emirates NBD.

It is pertinent to note that the government in budget FY22 had estimated to borrow $14.088 billion foreign assistance including $13.871 billion in loans and $217.44 million in grants from multilateral and bilateral sources.

 

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Shahzad Paracha
The writer is a member of Pakistan Today's Islamabad bureau. He can be reached at [email protected]

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