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ISLAMABAD: The country borrowed $3.206 billion from multiple financing sources during the first two months (July-August) of the current fiscal year 2023-24 compared to $439.32 million borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.

Data further showed that the country received $316.14 million in August 2023 compared to $252.25 million in August 2022.

The government budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and has 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.

Further there is no mention of $1 billion disbursed by the UAE. If the IMF and UAE inflows are added, total inflows are $5.405 billion during the first two month of current fiscal year.

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

The $3.206 billion include $2 billion from Saudi Arabia under the head of time deposit in July 2023.

The data further showed that the government had budgeted $4.5 billion from foreign commercial banks for the current fiscal year 2023-24, however no money was borrowed under this head in July and August.

The government budgeted $1.5 billion from issuance of bonds, and here too the country is yet to issue bonds, hence no amount has been received under this account.

The government 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 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 loans of $1.3 billion.

The country received $140.82 million under the head of “Naya Pakistan Certificate” during the first two months of current fiscal year 2023-24.

The country received $335.87 million from multilaterals and $221.36 million from bilaterals during July-August 2023-24. The non-project aid was $2.446 billion including $2.149 billion for budgetary support and project aid was $759.95 million.

China disbursed $508.34 million under the head guaranteed for the JF-17 B project funded by the China National Aero-technology Import and Export Corporation (CATIC). However, China disbursements were zero in July-August, against the budgeted amount of $18.54 million for the current fiscal year.

The Asian Development Bank (ADB) disbursed $38.78 million during the period under review compared to the budgeted $2.086 billion for the fiscal year 2023-24.

Saudi Arabia disbursed $200 million against the budgeted $600 million under the head of oil facility during July-August 2023-24. USA disbursed $11.64 million in the first two months against the budgeted $21.60 million for the fiscal year. Korea disbursed $4.85 million and France $1.28 million during the current fiscal year.

IDA disbursed $161.07 million in July-August against the budgeted $1.489 billion for the current fiscal year and IBRD $16.47 million against the budgeted $840.36 million. IsDB (Short-term) disbursed $97.10 million in July-August against the budgeted $500 million for the current fiscal year and AIIB disbursed $16.07 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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