Pakistan secured $555.2 million in external financing during March 2025, reflecting a 52.5% month-on-month increase and a 154% jump compared to March last year, according to the Economic Affairs Division’s latest report.
Despite the rise, cumulative inflows in the first nine months of FY25 stood at just $5.2 billion—only 27% of the full-year target of $19.39 billion. Last year, the government had budgeted $17.62 billion but managed to raise $9.81 billion over the full fiscal year.
Of the total March inflows, $343.68 million came in as loans and $15.39 million as grants.
Disbursements from bilateral and multilateral partners reached $359.07 million in March and totaled $3.19 billion during 9MFY25. Multilateral lenders contributed $336.71 million during the month, while bilateral partners added $22.36 million.
Meanwhile, foreign commercial borrowing stood at $140.46 million for March and $1.46 billion cumulatively—entirely through Naya Pakistan Certificates. Notably, the government failed to raise any amount from foreign commercial banks during 9MFY25, despite a full-year target of $3.78 billion from this avenue.
Of the total March inflow, $319.15 million was non-project aid in the form of budgetary support. This category alone contributed $3.07 billion in the nine-month period, highlighting Pakistan’s continued reliance on external support for macroeconomic stability.
