Government Obtains 63pc More Foreign Loans in 11MFY21
During the first eleven months of the current fiscal year (11MFY21), Pakistan borrowed nearly $12 billion, a 63 percent increase from the same period in FY20.
According to a study based on monthly data for May released by the Ministry of Economic Affairs, the government borrowed substantially during FY21 to preserve its enhanced foreign exchange reserves, in contrast to the previous fiscal year.
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During July-May of FY21, the government borrowed $12.13 billion compared to $7.44 billion during the same period in FY20, an increase of $4.68 billion, or 62.8 percent.
However, over half of the loans were commercial loans, implying that the interest rates would be significantly higher than those on loans from the Asian Development Bank (ADB), World Bank, and Islamic Development Bank (IDB).
The data indicates that loan inflow for the month of May was around $699.7 million. Nevertheless, the government kept close to its budgeted goal for grants and loans.
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The budget estimates a grant inflow of $275.8 million for FY21, while the 11MFY21 inflow totaled $231.6 million. Similarly, the budget estimate for loans was $11.96 billion, whereas the actual amount was $11.90 billion.
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