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ISLAMABAD: Pakistan incurred foreign debt of $3.898 billion from multiple financing sources in the first four months (July-October) of 2021-22 including $866.43 million from foreign commercial banks (22 percent) against the total budgeted external loans of $14.088 billion for the entire fiscal year.

The Ministry of Economic Affairs data shows that the government has received $2.773 billion as non-project aid during the first four months of the current fiscal year including programme/budgetary support of $2.308 billion, short-term credit $446.31 million and TDPs $18.37 million.

Another $1.124 billion was received as project aid during the period under review.

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-October) of fiscal year 2020-21 were $3.255 billion including $566 million from foreign commercial banks against the budgeted amount of $12.233 billion.

The country received $692.57 million from multiple financing sources in October 2021 including $408.89 million from foreign commercial banks, ie, 59 percent.

The total receipt of $3.898 billion constitutes $1.869 billion from multilateral, $120.20 million from bilateral, $866.43 million from foreign commercial banks, and $1.041 billion from issuance of bonds.

The government borrowed $866.43 million from foreign commercial banks during the first four months of the current fiscal year including $215 million from Dubai Bank, $319.93 million from SCB (London) including ($138.39 million in October), $61 million from Ajman Bank PJSC, and $270.50 million from Suisse AG, UBL and ABL in October 2021.

Among multilateral development partners, mainly the Asian Development Bank provided $581.01 million, the World Bank disbursed $791.91 million, the AIIB $37.77 million, and IDB (S-Term) $446.31 million.

China did not disburse any amount in the second consecutive month i.e. October 2021; however, the country received $73.35 million in the first two months (July-August) of the current fiscal year, the USA $25.99 million, Korea $2.06 million, the UK $10.01 million, and Germany $3.33 million.

Copyright Business Recorder, 2021

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HAMMAD DANISH Nov 23, 2021 07:03pm
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