Pakistan Piles Up $12.7 Billion in Foreign Loans During 9 Months of FY22

Pakistan Piles Up $12.7 Billion in Foreign Loans During 9 Months of FY22

In the first nine months (July-March) of 2021-22, Pakistan incurred a foreign debt of $12.767 billion from various financing sources, compared to a total budgeted external loan of $14.088 billion for the entire fiscal year.

According to Economic Affairs Division (EAD) data, the country received $588.97 million in funding from various sources in March 2022.

For the current fiscal year, the government budgeted $14.088 billion in foreign assistance, including $13.871 billion in loans and $217.44 million in grants from multilateral and bilateral sources.

External inflows totaled $7.413 billion during the corresponding period (July-March) of the fiscal year 2020-21, including $3.120 billion from foreign commercial banks, compared to the budgeted amount of $12.233 billion.

The total receipt of $12.767 billion is made up of $3.949 billion from multilateral, $320.43 billion from bilateral, $2.623 billion from foreign commercial banks, $2.041 billion from bond issuance, $832.53 billion from guaranteed loans, and $3 billion in time deposits from Saudi Arabia.

Non-project aid totaled $10.114 billion, with budgetary support totaling $8.882 billion and project aid totaling $1.820 billion. During the first nine months of 2021-22, guaranteed loans totaled $531.01 million.

During the first nine months of the current fiscal year, the government borrowed $2.623 billion from foreign commercial banks, including $1.140 billion from Dubai Bank, $487.26 million from SCB (London), $61 million from Ajman Bank PJSC, $343.50 million from Suisse AG, UBL, and ABL, and $591.25 million from Emirates NBD.

Among multilateral development partners, the Asian Development Bank contributed $1.436 billion, the World Bank contributed $1.122 billion, the AIIB contributed $38.87 million, the IDB contributed $68.16 million, and the IDB (S-Term) contributed $1.207 billion.

In the first nine months (July-March) of the current fiscal year, China spent $102.05 million, the United States spent $60.85 million, Korea spent $4.06 million, and the United Kingdom spent $14.54 million, and Germany spent $12.36 million.

See also  PTA to Procure Automated QoS Monitoring and Benchmarking System

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button