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Print Print 2023-07-22

Fiscal year 2022-23: Govt borrows $10.84bn from multiple sources

  • Economic Affairs Division data shows that country borrowed $2.206 billion from foreign commercial banks during the fiscal year 2022-23
Published July 22, 2023

ISLAMABAD: The government has borrowed $10.844 billion from multiple financing sources including $2.206 billion from foreign commercial banks during the fiscal year 2022-23 compared to $16.974 billion borrowed during the same period of 2021-22, showing a decline of around 37 percent.

The government had budgeted foreign assistance of $22.817 billion for the fiscal year 2022-23 including $7.5 billion foreign commercial banks.

However, the $10.844 billion does not include the rollover of friendly countries’ deposits amounting to $6 billion (i.e. $3 billion each from China and Saudi Arabia), and the re-financing of Chinese loan of $1.3 billion.

The Economic Affairs Division data shows that the country borrowed $2.206 billion from foreign commercial banks during the fiscal year 2022-23 including $1.306 billion in June 2023. The government had budgeted $7.472 billion under the head of borrowing from foreign commercial banks, however, only $2.206 billion was materialized i.e. registered a shortfall of $5.266 billion during the fiscal year 2022-23.

July-May: Govt borrows $8.613bn from multiple sources

The country received $2.4.863 billion from foreign commercial banks during the same period of 2021-22.

The country received $1.166 billion from the International Monetary Fund (IMF) during the fiscal year 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 $9.678 billion during the fiscal year 2022-23 compared to $16.974 billion during the same period of 2021-22, indicating the slowdown in inflows.

The government procured $2.231 billion in external loans in June 2023. The country received $788.97 million under the head of “Naya Pakistan Certificate” during the fiscal year including $46.03 million in June 2023.

The country received $5.224 billion from multilaterals, $1.458 billion from bilateral and $1.166 billion from IMF during July-June 2022-23. The non-project aid was $8.779 billion including $7.419 billion for budgetary support and project aid was $2.064 billion. The Asian Development Bank (ADB) disbursed $2.266 billion during the period under review compared to the budgeted $3.202 billion for the fiscal year 2022-23. The ADB disbursed $229.91 million in June 2023.

China disbursed $128.03 million during the fiscal year, however, no amount was received in June against the budgeted $49.02 million for the entire fiscal year.

Saudi Arabia disbursed $1.182 billion against the budgeted $800 million under the head of oil facility during the fiscal year 2022-23. The USA disbursed $31.13 million during the period under review against the budgeted $32.49 million for the fiscal year. Korea disbursed $27.42 million and France $33.81 million during the fiscal year 2022-23.

The IDA disbursed $1.907 billion against the budgeted $1.388 billion during the fiscal year 2022-23 including $429.33 million in June, IBRD $290.06 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $16.81 million against the budgeted $3.38 million for the financial year.

The IsDB (short-term) disbursed $161 million in the fiscal year 2022-23. AIIB disbursed $558.96 million, while ECO (Trade Bank) disbursed $64.59 million in 2022-23.

Copyright Business Recorder, 2023

Comments

Comments are closed.

zaya zaya Jul 22, 2023 06:37am
Tabulation would have been a better way to present the information and comparatives with 2021-22 years; its called Finance for Non-Finance people. Its not a criticism but its a critique (from a Financial Analyst), especially if English is not your first language and Finance is not your main profession.
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Tulukan Mairandi Jul 22, 2023 09:51am
What a prosperous, succesful country. Not!
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Abdullah Jul 22, 2023 01:15pm
To pay back debts taken under pti.which were not used for development and on the wish of his wife distributed among her followers for doing corruption.
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Lubna Jul 22, 2023 01:54pm
We should individually pray to the Almighty Allah to help get rid of the mafia that is ruling the country. If asked the people then they do not even care about these people but the status quo wants them in power. May Allah help us as we are helpless and hopeless.
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SAd Jul 22, 2023 01:59pm
Some times data is not shown this way to build a negative narrative and in BR case their headline mostly the suggests we are doomed but in reality we really never were or never will.
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