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ISLAMABAD: The government has borrowed $5.595 billion from multiple financing sources including $1.166 billion from the International Monetary Fund (IMF) during the first half (July-December) of 2022-23 compared to $9.432 billion borrowed during the same period of last fiscal year.

The Economic Affairs Division data shows that the country has not received foreign assistance from China for the third consecutive month in December, and $54.93 million was received during the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year. Further, the borrowing from commercial banks also slowed down and no money was received in December from this source.

The country borrowed $200 million from foreign commercial banks during the first six months of the current fiscal year 2022-23 and that was borrowed in October 2022. However, the country had received $2.031 billion from foreign commercial banks during the same period of last year, shows the Economic Affairs Division data.

External sources: Jul-Nov govt borrowing rises to $5.114bn from $4.699bn YoY

However contrary to past practices, the EAD data does not mention from which commercial bank the $200 million was borrowed in October 2022.

Further contrary to past practices, the EAD has also listed the loans taken from the IMF. If the IMF loan is excluded, then the country received $4.429 during the first half of the current fiscal year compared to $9.432 billion during the same period of last fiscal year, indicating the slowdown in inflows.

The government procured $478.05 million external loans in December 2022 mainly due to disbursement of $228.24 million by the Asian Development Bank (ADB) compared to $4.560 billion during the same month of the last fiscal year.

The country received $190.72 million under the head of “Naya Pakistan Certificate” during the first half of the current fiscal year including $51.44 million in December 2022. The government has budgeted foreign assistance of $22.817 billion for the current fiscal year including $7.5 billion foreign commercial banks.

The country received $3.330 billion from multilaterals and $708.05 million from bilateral and $1.166 billion from IMF during July-December 2022-23. The non-project aid was $4.771 billion including $3.994 billion for budgetary support and project aid was $824.06 million.

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, and December. Saudi Arabia disbursed $600 million against the budgeted $800 million. The USA disbursed $13.96 million during the period under review against the budgeted $32.49 million for the current fiscal year. Korea disbursed $18.52 million and France $8.64 million during the first half of the current fiscal year.

The ADB disbursed $1.905 billion during the first half of the current fiscal year out of $3.202 billion budgeted for the current fiscal year. ADB disbursed $228.24 million in December 2022. The IDA $608.29 million against the budgeted $1.4 billion, IBRD $81.56 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $16.06 million against the budgeted $3.38 million for the current financial year. IsDB (short-term) disbursed $161 million in the current fiscal year.

Copyright Business Recorder, 2023

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