Pakistan borrowed $4.585 billion from various financing sources during the first seven months (July-January) of the ongoing fiscal year 2024-25, declining by 27 percent from the $6.31 billion taken during the same period of the fiscal year 2023-24, the data from the Economic Affairs Division (EAD) showed.

This figure does not account for the $1.03 billion taken from the International Monetary Fund (IMF). If this IMF contribution is added, the inflow for the fiscal year during the first seven months will amount to $5.585 billion.

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The government has budgeted for the start to collect $9 billion worth of Saudi Arabian ($5 billion) and Chinese ($4 billion) time deposits for the year FY25. But nothing has come under this head during the first seven months, and nothing has come under the head of financial support from the UAE.

In early December 2024, the $3 billion one-year-held deposit by Saudi Arabia was rolled over. However, the data for the first seven months under the EAD does not reflect the rollover.

Waqas Ghani, the vice president for JS Global, told ProPakistani the country has not sold an international bond thus far, but has arranged for $500 million worth of commercial lending. With the Naya Pakistan Certificate, the country has collected $1.126 billion for the first seven months of the fiscal year FY25. If the IMF inflow is added, the total inflow has amounted to about $5.6 billion, far less than the total planned disbursement worth $19.4 billion for the fiscal year. Pakistan revised its external financing estimate for FY25 from $19.393 billion to $14.393 billion, including $14.216 billion through loans and $176.29 million through grants, leaving aside IMF financing. Of the $3.779 billion from the planned financing from the foreign commercial banks, only $500 million were available by January, for which the lender has not provided any detail. Besides this, no commercial bank financing has also not taken place during the month of November.

The government also did not tap international bonds, even after establishing the year-long $1 billion target for FY25. Meanwhile, the inflow from the Naya Pakistan Certificate also increased to $1.126 billion during the first seven months, including $199.23 million during January.

Multilateral lenders provided $2.322 billion from the month of July through January, including $458 million for January alone, while the bilaterals contributed $329.10 million, including $12.68 million for January. Non-project aid amounted to $2.54 billion, including $1.312 billion for budget support, while the project aid amounted to $2.045 billion.

The Asian Development Bank (ADB) has expended $1.048 billion, including $139.73 million for January, against the budgeted $1.651 billion for the fiscal year (FY25).

Meanwhile, the International Development Association (IDA) contributed $573.85 million, and the International Bank for Reconstruction and Development (IBRD) contributed $201.50 million. $265.7 million worth of short-term financing has been contributed by the Islamic Development Bank (IsDB).