Pakistan receives $6.67bn in loans in 8MFY24 

Data shows country's external borrowing drops in first eight months of current fiscal year

Pakistan secured $6.678 billion in loans from multiple international sources during the first eight months (July-Feb) of the ongoing fiscal year FY2023-24, a decrease from the $7.407 billion borrowed in the same period of the previous year. 

According to data shared by the Economic Affairs Division (EAD), the country received $332.60 million in February 2024, down from $1.271 billion in February 2023.

Despite a budgeted $2.4 billion expected from the International Monetary Fund (IMF) for this fiscal year, the country has received $1.9 billion out of a $3 billion Stand-By Arrangement (SBA). This figure, along with the $1 billion from the UAE, is not included in the EAD’s reported data.

Pakistan received $2 billion from Saudi Arabia as a time deposit in July 2023. No funds have been received from the anticipated $4.5 billion from foreign commercial banks, nor from the planned $1.5 billion bond issuance.

The total budgeted external financing for the fiscal year is $17.619 billion, comprising $17.384 billion in loans and $234.60 million in grants. 

The country garnered $686.82 million through the “Naya Pakistan Certificate” and $2.635 billion from multilateral sources, with bilateral contributions amounting to $847.95 million.

China disbursed $508.34 million for the JF-17 B project, while the Asian Development Bank (ADB) provided $643.62 million. 

Saudi Arabia sent $654.28 million, including oil facility funds, while the United States delivered $34.73 million, surpassing the budgeted amount.

Other notable disbursements include funds from Korea, France, the International Development Association (IDA), the International Bank for Reconstruction and Development (IBRD), the Islamic Development Bank (IsDB), the Asian Infrastructure Investment Bank (AIIB), and the International Fund for Agricultural Development (IFAD).


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