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ISLAMABAD: Pakistan incurred foreign debt of $3.204 billion from multiple financing sources in the first quarter (July-September) of 2021-22 including $457.54 million from foreign commercial banks (14 percent) against the total budgeted external loans of $14.088 billion for the entire fiscal year.

The data of the Ministry of Economic Affairs shows that the government has budgeted estimates of foreign assistance of $14.088 billion for the current financial year including $13.871 billion loans and $217.44 million grants from multilateral and bilateral sources.

The external inflows during the corresponding period (July-September) of fiscal year 2020-21 were $2.734 billion including $149 million from foreign commercial banks against the budgeted amount of $12.233 billion.

The country received $826.41 million from multiple financing sources in September 2021 including $94.29 million from foreign commercial banks i.e. 11.4 percent.

The total receipt of $3.204 billion constitutes $1.595 million from multilateral, $110.41 million from bilateral, $457.54 million from foreign commercial banks, and $1.041 billion from issuance of bonds.

The government borrowed $457.54 million from foreign commercial banks during the first quarter of current fiscal year including $215 million from Dubai Bank, $181.54 million from SCB (London), and $61 million from Ajman Bank, PJSC.

Among the multilateral development partners, mainly the Asian Development Bank (ADB) provided $459.95 million, World Bank disbursed $642.76 million, the AIIB $37.77 million, and IDB (S-Term) $446.31 million.

China did not disburse any amount in September 2021; however, the country received $73.35 million in the first two months (July-August) of the current fiscal year, USA $27.27 million, Korea $1.59 million, and Germany $2.26 million.

Copyright Business Recorder, 2021

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