Pakistan Received Foreign Loans of $2.89 Billion in July
According to information provided by the Economic Affairs Division (EAD), Pakistan borrowed $2.891 billion from a variety of funding sources in July 2023 against annual budget estimates of $17.62 billion for the current fiscal year 2024.
The data also reveals that the government has allocated $17.384 billion in loans and $234.60 billion in grants for the current fiscal year, totaling $17.619 billion from various financial sources.
In contrast to the $22.817 billion in planned foreign aid, the country borrowed $10.844 billion from a variety of funding sources, including $2.206 billion from foreign commercial banks. The rollover of $6 billion in deposits from friendly nations (i.e., $3 billion each from China and Saudi Arabia) and the refinancing of Chinese debt, however, were not included in the $10.844 billion.
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According to data from the Economic Affairs Division (EAD), the $2.890 billion includes $2 billion received from Saudi Arabia under the category of time deposits in July 2023. The data also reveals that no funds were received under this heading in July, despite the government having budgeted estimates of $4.5 billion from foreign commercial banks for the current fiscal year 2023–24.
Out of a total loan amount of $2.89 billion, the government received a $2.25 billion loan for non-project aid. This loan includes $2.08 billion in program/budgetary support assistance to help Pakistan’s economy be restructured, $67.23 million in short-term credit, and $640.11 million in financing for projects.
$307.52 million was paid out in July by bilateral and multilateral development partners. Additionally, these positive inflows enhanced foreign exchange reserves.
According to the Ministry of Economic Affairs, the country continues to rely on foreign commercial borrowing because it totaled $2.07 billion in July 2023, including $74.7 million from a Naya Pakistan Certificate and a $2 billion time deposit.
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The amount of foreign aid that Pakistan received through multilateral sources during the month was close to $193.64 million. Among the multilateral development partners, CATIC (PAF) contributed $508.34 million, followed by the Asian Development Bank (ADB), which contributed $22.59 million, the International Development Association-World Bank (IDA), which contributed $82.71 million, and the Asian Infrastructure Investment Bank (AIIB), which contributed $11.74 million.
The total amount distributed by bilateral donors during the month was $113.88 million, of which Pakistan received $100 million from Saudi Arabia. The United States contributed $8.17 million, Korea $4.85 million, France $0.56 million, Germany $0.17 million, and Japan $0.13 million.
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