Pakistan Received $6.13 Billion Foreign Loans in 7 Months of FY23

The government has borrowed $6.134 billion from multiple financing sources during the first seven months (July-January) of 2022-23 compared to $12.022 billion borrowed during the same period of last fiscal year. The Economic Affairs Division data shows that the country borrowed $200 million from foreign commercial banks during the first seven months of the current fiscal year 2022-23. The government procured $294.54 million in external loans in January 2023. The country received $466.35 million under the head of “Naya Pakistan Certificate” during the first seven months of the current fiscal year including $71.55 million in January 2023. The government has budgeted foreign assistance of $22.817 billion for the current fiscal year including $7.5 billion for foreign commercial banks. The country received $3.463 billion from multilateral and $838.67 million from bilateral and $1.166 billion from IMF from July-January 2022-23. The non-project aid was $5.145 billion including $4.277 billion for budgetary support and project aid was $989.26 million. Asian Development Bank (ADB) disbursed $1.916 billion during the period under review compared to the budgeted $3.202 billion for the entire fiscal year. ADB disbursed $11.41 million in January 2023. China disbursed $54.93 million in during the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year, however, no money was received in October, November, December, and January. Saudi Arabia disbursed $690.11 million against the budgeted $800 million. The USA disbursed $18.71 million during the period under review against the budgeted $32.49 million for the current fiscal year. Korea disbursed $19.79 million and France $21.82 million during the first seven months of the current fiscal year. The IDA $684.16 million against the budgeted $1.4 billion, IBRD $96.55 million against the budgeted $1.246 billion, and Islamic Development Bank disbursed $16.81 million against the budgeted $3.38 million for the current financial year. IsDB (Short-term) disbursed $161 million in the current fiscal year. AIIB disbursed $538.46 million in the current fiscal year so far.