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ISLAMABAD: The country borrowed $2.890 billion from multiple financing sources during the first month (July) of the current fiscal year 2023-24 compared to $185 million borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.

The government had budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received $1.2 billion as the first tranche of the $3 billion stand-by arrangement (SBA) in July 2023, however, the EAD data does not reflect it. If the IMF inflows is added, the total inflows would reach $4.09 billion during the first month of the current fiscal year.

The $2.890 billion included $2 billion received from Saudi Arabia under the head of time deposit during July 2023, The data further shows that the government had budgeted estimates of $4.5 billion from the foreign commercial banks for the current fiscal year 2023-24, however, no money was received under this head in July.

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

The data further shows that the government has budgeted $17.619 billion from multiple financing sources for the current fiscal year including $17.384 billion loans and $234.60 million grants.

The country borrowed $10.844 billion from multiple financing sources including $2.206 billion from foreign commercial banks during the fiscal year 2022-23 against the budgeted foreign assistance of $22.817 billion. However, the $10.844 billion did not include the rollover of friendly countries’ deposits amounting to $6 billion (i.e. $3 billion each from China and Saudi Arabia), and re-financing of Chinese loan of $1.3 billion.

The country received $74.70 million under the head of “Naya Pakistan Certificate” during July 2023.

The country received $193.64 million from multilaterals and $113.88 million from bilateral during July 2023-24. The non-project aid was $2.250 billion including $2.083 billion for budgetary support and project aid was $640.11 million. The country received $508.34 million under the head of guaranteed CATIC (PAF).

The Asian Development Bank (ADB) disbursed $22.59 million during the period under review compared to the budgeted $2.086 billion for the fiscal year 2023-24.

China disbursed no money in July, however, the government has budgeted $18.54 million for the current fiscal year.

Saudi Arabia disbursed $100 million against the budgeted $600 million under the head of oil facility during July 2023-24. The USA disbursed $8.17 million in July against the budgeted $21.60 million for the fiscal year. Korea disbursed $4.85 million and France $0.56 million during July 2023.

The IDA disbursed $82.71 million in July against the budgeted $1.489 billion for the current fiscal year and IBRD $3 million against the budgeted $840.36 million. IsDB (short-term) disbursed $67.23 million in July against the budgeted $500 million for the current fiscal year and AIIB disbursed $11.74 million, while IFAD disbursed $6.38 million against the budgeted $42.68 million for the current fiscal year.

Copyright Business Recorder, 2023

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Shahid Khan Aug 22, 2023 01:29pm
PDM looted this country like no one
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