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Print Print 2024-02-24

Jul-Jan borrowing stands at $6.3bn

  • Country receives $331.59 million in January 2024
Published February 24, 2024

ISLAMABAD: The country borrowed $6.306 billion from multiple financing sources during the first seven months (July-January) of the current fiscal year 2023-24 compared to $6.134 billion borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.

Data further shows that the country received $331.59 million in January 2024 compared to $294.54 million in January 2023.

The government has budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received $1.9 billion of the $3 billion Stand-By Arrangement (SBA); 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, the total inflows would reach $9.206 billion during the first seven months of the current fiscal year.

Borrowing level of caretakers comparatively lower than PDM govt’s: MoF

The $6.306 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 during the first seven months of the current fiscal year.

The government had budgeted $1.5 billion from the issuance of bonds; however, the country is yet to issue the bonds, hence no amount is received so far.

The government had 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 received $595.09 million under the head of “Naya Pakistan Certificate” during the first seven months of the current fiscal year 2023-24.

The country received $2.408 billion from multilaterals and $794.61 million from bilateral during July-January 2023-24. The non-project aid was $4.535 billion including $3.309 billion for budgetary support and project aid was $1.771 billion.

China disbursed $508.34 million under the head guaranteed for the JF-17 B project funded by China National Aero-technology Import and Export Corporation (CATIC). China further disbursed 42.18 million in July-January against the government budgeted of $18.54 million for the current fiscal year.

The Asian Development Bank (ADB) disbursed $620 million during the period under review compared to the budgeted $2.086 billion for the fiscal year 2023-24.

Saudi Arabia disbursed $595.18 million against the budgeted $600 million under the head of oil facility during July-January 2023-24.

Saudi Arabia disbursed another $59.05 million in the current fiscal year so far.

The USA disbursed $25.67 million in the first seven months against the budgeted $21.60 million for the fiscal year.

Korea disbursed $12.38 million and France $30.64 million during the current fiscal year.

The IDA disbursed $1.058 million in July-January against the budgeted $1.489 billion for the current fiscal year and IBRD $125.58 million against the budgeted $840.36 million.

IsDB (Short-term) disbursed $200 million in July-January against the budgeted $500 million for the current fiscal year and AIIB disbursed $292.96 million, while IFAD disbursed $23.12 million against the budgeted $42.68 million for the current fiscal year.

Copyright Business Recorder, 2024

Comments

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KhanRA Feb 24, 2024 06:01pm
Loans loans loans. Everyone is sick of Pakistan begging for money. No wonder this country has no friends and no influence. We look like an intolerant backwards angry society that no one will invest in
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Javaid Bhai Feb 24, 2024 10:20pm
WHERE IS IT ALL GOING???
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