$71.6 million loans procured from foreign banks in December

The government procured $71.6 million commercial loans from foreign banks in December, bringing the total to $1.163 billion in the first half (July-December) of 2017-18. The government had budgeted $1 billion for the entire fiscal year 2017-18, however it surpassed the estimates in the first four months (July-November).
Total external assistance for July-December (2017-18) amounted to $5.895 billion (including $1.163 billion commercial loans), revealed Economic Affairs Division (EAD). The higher inflow in December was mainly because of $2.5 billion received from the issuance of Eurobonds and sukkuk bonds.
The government has signed short-term commercial loan agreements of $1.417 billion in the current fiscal year 2017-18 so far with different foreign banks of which $1.163 billion have materialized so far.
The government signed an agreement to borrow $200 million from Standard Chartered Bank (SCB)-London on October 31, 2017 and $141.97 million has been disbursed so far, including $71.60 disbursed in December.
The government borrowed $500 million commercial loans from Industrial and Commercial Bank of China Limited (ICBC) in October. Further $50 million were borrowed from the Credit Suisse-led consortium of banks, bringing the total to $255 million from the consortium. The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited. The country borrowed $267 million commercial loans from Citibank during the current fiscal year for budgetary support.
According to the Finance Ministry, the government borrowed commercial loans from Citibank at the rate of 3 month LIBOR + 2.7 percent, from Credit Suisse at 3 month LIBOR + 2 percent and from ICBC at 3 month LIBOR +3.25 percent in the current fiscal year.
The government budgeted foreign assistance of $8.094 billion for 2017-18 including $7.692 billion loans and $401.78 million grants. The country received a total of $2.976 billion of foreign assistance in December, revealed the EAD.
China disbursed $506.92 million in the current fiscal year (July-December) 2017-18 against the budgeted $1.595 billion for the entire year. China released $51.68 million in December including $44.78 million for the Havelian-Thakot motorway and $6.89 million for construction of cross border optical fiber cable system under the China Pakistan Economic Corridor (CPEC) framework.
Asian Development Bank (ADB) has disbursed $444.10 million in the current fiscal year 2017-18 so far including $221.86 million in December against the budgeted estimates of $1.221 billion, International Bank for Reconstruction and Development (IBRD) $86.66 million including $16.78 million in December against the estimated $60.65 million, IDB (S-Term) $695.21 million against the estimated $1.550 billion, Asian Infrastructure Investment Bank (AIIB) $14.71 million, International Development Association (IDA) $132.26 million against $975.27 million, Islamic Development Bank (IDB) $55.38 million, Japan $67.70 million, Saudi Arabia $22.50 million, UK released $105.51 million of grant, and USA released $30.85 million in the current fiscal year 2017-18 including $4.89 million in December against the budgeted estimates of $117.56 million.