Pakistan Received Foreign Loans of $6 Billion in First Half of FY24

According to figures from the Economic Affairs Division (EAD), Pakistan borrowed $5.968 billion from various funding sources for the first half of the current fiscal year 2023–24 (FY24), as opposed to $5.595 billion during the same period of 2022–23.

Additional data reveals that the nation’s December 2023 receipts came to $1.621 billion, up from $478.05 million in December 2022.

The EAD data does not include the $1.2 billion that was received as the first tranche of the $3 billion Stand-By Arrangement (SBA) in July 2023, despite the government having budgeted $2.4 billion for the current fiscal year 2023–24 from the International Monetary Fund (IMF). Furthermore, the $1 billion that the UAE has paid out is not mentioned.

The overall inflows for the first half of the current fiscal year would be $8.168 billion if the inflows from the IMF and the UAE are included.

$2 billion was received from Saudi Arabia as part of the time deposit in July 2023, making up $5.968 billion. Additionally, the data reveals that the government got no funds in this category in the first half of the current fiscal year, despite budgetary expectations of $4.5 billion from foreign commercial banks for the current fiscal year 2023–2024.

The government had allocated $1.5 billion for the issuance of bonds, but as the nation has not yet issued any bonds, no money has been received.

For the current fiscal year, the government had allocated $17.619 billion from various sources of funding, including $17.384 billion in loans and $234.60 million in grants.

Under the “Naya Pakistan Certificate,” the nation was granted $491.45 million in the first half of the current fiscal year 2023–2024.

From July to December 2023–24, the nation got $723.13 million from bilateral sources and $2.245 billion from multilateral. Project aid was $2.386 billion, while non-project aid totaled $3.581 billion, including $2.636 billion for budgetary support.

China paid out $508.34 million under the guaranteed amount for the China National Aero-technology Import and Export Corporation (CATIC)-funded JF-17 B project. China additionally distributed 42.18 million from July to December, compared to the $18.54 million the government allocated for the current fiscal year.

In contrast to the $2.086 billion allocated for the fiscal year 2023–24, the Asian Development Bank (ADB) disbursed $589.43 million during the period under review.

During July–December 2023–24, Saudi Arabia spent $595.18 million under the head of the oil facility, compared to the $600 million allocated. Against the $21.60 million fiscal year budget, the US spent $25.09 million in the first half of the year. During the current fiscal year, France disbursed $20.15 million and Korea $12.38 million.

In comparison to the $1.489 billion allocated for the current fiscal year, the IDA disbursed $1.040 million from July to December, and the IBRD spent $117.36 million compared to the $840.36 million budgeted. IFAD disbursed $23.12 million against the planned $42.68 million for the current fiscal year, whereas AIIB disbursed $287.04 million. IsDB (Short-term) disbursed $100 million from July to December compared to the $500 million allocated for the current fiscal year.

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