Pakistan borrows $3.527bn in first quarter

Borrowing marks almost 60% increase from same period previous year

ISLAMABAD: Pakistan borrowed $3.527 billion from multiple financing sources during the first quarter (July-September) of the current fiscal year 2023-24 (FY24) compared to $2.234 billion borrowed during the same period of last fiscal year.

According to the Economic Affairs Division (EAD), Pakistan received $490.48 million from multilaterals and $324.05 million from bilateral funds during July-September 2023-24.

The non-project aid was $2.653 billion including $2.253 billion for budgetary support and project aid was $873.97 million.

China disbursed $508.34 million under the head guarantee for the JF-17 B project funded by China National Aero-Technology Import and Export Corporation (CATIC). China further disbursed $0.35 million in July-September against the government budgeted of $18.54 million for the current fiscal year.

Pakistan also received $204.51 million under the head of “Naya Pakistan Certificates” during the first three months of the current fiscal year 2023-24.

Asian Development Bank (ADB) also disbursed $61.75 million during the period, compared to the budgeted $2.086 billion for the fiscal year 2023-24.

Meanwhile, Pakistan has obtained $320.92 million in September 2023 compared to $625.86 million in September 2022.

The data further shows that the government had budgeted estimates of $4.5 billion from the foreign commercial banks for the current fiscal year 2023-24, however no money was received under this head during the first three months of the current fiscal year.

The government had budgeted $1.5 billion from issuance of bonds. However, the government is yet to issue the bonds, hence no amount has been received so far.

The government has budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received $1.2 billion as the first tranche of the $3 billion Stand-By Arrangement (SBA) in July 2023.

There is also no mention of $1 billion disbursed by the UAE. If the IMF and UAE inflows are added, the total inflows would reach $5.727 billion during the first three months of the current fiscal year.

Data shows that the government has also received $2 billion out of the budgeted $3.527 billion from Saudi Arabia in July 2023.

The government has budgeted $17.619 billion from multiple financing sources for the current fiscal year including $17.384 billion loans and $234.60 million grants. From the current outlook, the government will have to pace up if it is to meet the budgeted targets.

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

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