Jul-Jan borrowing stands at $6.3bn

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