ISLAMABAD: The country received $15.4 billion in financing during the first 10 months (July-April) of the current fiscal year 2022-23, says the Ministry of Economic Affairs.
The ministry stated that in some sections of the press, it has been reported that Pakistan has received $8.1 billion in financing during 10 months from July 2022 to April 2023.
The total amount is $15.4 billion and not US$ 8.1 billion.
Economy between the devil and the deep blue sea
This additionally includes the rollover of friendly countries' deposits amounting to US$ 6.0bn (i.e., $3.0bn each from China and Saudi Arabia), and the re-financing of a Chinese loan of US$ 1.3bn which has been recorded as foreign currency denominated domestic debt.
The Government of Pakistan has financing arrangements in place to meet its re-payment loan obligations during the CFY (2022-23) and is expecting improvement in its foreign exchange reserve levels.
The government has budgeted foreign assistance of $22.817 billion for the current fiscal year including $7.5 billion for foreign commercial banks, shows the EAD data.
The latest data released by the division on Thursday shows that the government has borrowed $8.123 billion from multiple financing sources including $900 million from foreign commercial banks during the first 10 months (July-April) of 2022-23 compared to $13.033 billion borrowed during the same period of last fiscal year, showing a decline of around 37.7 per cent.
The country received $1.166 billion from the International Monetary Fund (IMF) during the first 10 months (July-April) of 2022-23. 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 $6.957 during the first 10 months of the current fiscal year compared to $13.033 billion during the same period of last fiscal year, indicating the slowdown in inflows.
Copyright Business Recorder, 2023
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