Pakistan Incurs External Debt of $2.2 Billion in First Quarter of FY23

The government has borrowed $2.234 billion from multiple financing sources during the first quarter (July-September) of the current fiscal year 2022-23 compared to $3.204 billion borrowed during the same period of the last fiscal year, registering a decrease of 30 percent. The government procured $625.85 million in external loans in September 2022 compared to $826.41 million during the same month of the last fiscal year. The government has budgeted foreign assistance of $22.8 billion for the current fiscal year including $7.5 billion from foreign commercial banks, and $161.46 million in grants. The country received no loans from foreign commercial banks during the first quarter of the current fiscal year 2022-23, compared to $457.54 million received during the same period of last year, official data revealed. The country received $682.30 million from multilateral and $385.99 million from bilateral and $1.166 billion from International Monetary Fund in July-September 2022. The non-project aid was $1.834 billion including $1.323 billion for budgetary support and project aid was $488.46 million. China disbursed $54.93 million in the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year. Saudi Arabia disbursed $300 million against the budgeted$800 million. The US disbursed $9.95 million during the period under review against the budgeted 32.49 million for the current fiscal year. Korea disbursed $15.65 million, and France $4.44 million during the first quarter of the current fiscal year. The Asian Development Bank (ADB) disbursed $112.73 million out of the $3.202 billion budgeted for the current fiscal year. The International Development Association (IDA) disbursed $416.49 million against the budgeted $1.4 billion, International Bank for Reconstruction and Development (IBRD) $28.90 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $11.50 million against the budgeted $3.38 million for the current financial year.