Pakistan borrows $7.142bn in 10 months of FY2023-24

Pakistan borrowed $7.142 billion from various financing sources during the first 10 months (July-April) of the current fiscal year 2023-24, compared to $8.123 billion in the same period of 2022-23.

According to data from the Economic Affairs Division (EAD), the country received $237.24 million in April 2024, down from $358.61 million in April 2023. 

The $7.142 billion includes $2 billion received from Saudi Arabia as a time deposit in July 2023. 

The government had budgeted $4.5 billion from foreign commercial banks for the current fiscal year, but no funds have been received under this category so far. The government also planned to raise $1.5 billion from bond issuance, which has not yet occurred.

The government budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year and received $3 billion under the Stand-By Arrangement (SBA); however, the EAD data does not show these inflows. 

Additionally, there is no mention of the $1 billion disbursed by the UAE. Including the IMF and UAE contributions, total inflows would reach $11.142 billion for the first 10 months.

For the current fiscal year, the government budgeted $17.619 billion from multiple financing sources, including $17.384 billion in loans and $234.60 million in grants. The country received $889.43 million under the “Naya Pakistan Certificate” scheme during the first 10 months.

From July to April 2023-24, Pakistan received $2.866 billion from multilateral sources and $877.76 million from bilateral sources. Non-project aid amounted to $4.842 billion, including $3.697 billion for budgetary support, while project aid totalled $2.300 billion.

China disbursed $508.34 million for the JF-17 B project and an additional $67.39 million against the budgeted $18.54 million for the current fiscal year. 

The Asian Development Bank (ADB) disbursed $708.30 million during this period, against a budgeted $2.086 billion for the fiscal year.

Saudi Arabia disbursed $595.18 million for an oil facility and another $62.03 million for other purposes during July-April 2023-24. 

The USA disbursed $37.02 million, Korea $26.61 million, and France $41.66 million during the same period.

The International Development Association (IDA) disbursed $1.353 billion against a budgeted $1.489 billion, and the International Bank for Reconstruction and Development (IBRD) disbursed $171.67 million against a budgeted $840.36 million. 

The Islamic Development Bank (IsDB) disbursed $200 million, the Asian Infrastructure Investment Bank (AIIB) $309.95 million, and the International Fund for Agricultural Development (IFAD) $26.29 million against a budgeted $42.68 million for the current fiscal year.