ISLAMABAD: The country borrowed $ 6.678 billion from multiple financing sources during the first eight months (July-February) of the current fiscal year 2023-24 compared to $ 7.407 billion borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.
The data further shows that the country received $ 332.60 million in February 2024 compared to $ 1.271 billion in February 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.
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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 $ 9.578 billion during the first eight months of the current fiscal year.
The $ 6.678 billion included $ 2 billion received from Saudi Arabia under the head of time deposit during July 2023. The data further showed 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 eight months of the current fiscal year.
The government had budgeted $ 1.5 billion from 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 $ 686.82 million under the head of “Naya Pakistan Certificate” during the first eight months of the current fiscal year 2023-24.
The country received $ 2.635 billion from multilaterals and $ 847.95 million from bilateral during July-February 2023-24. The non-project aid was $ 4.628 billion including $ 3.483 billion for budgetary support and project aid was $2.049 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 67.39 million in July-February against the government budgeted of $ 18.54 million for the current fiscal year.
The Asian Development Bank (ADB) disbursed $ 643.62 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-February 2023-24. Saudi Arabia disbursed another $ 59.10 million in the current fiscal year so far.
The USA disbursed $ 34.73 million in the first eight months against the budgeted $ 21.60 million for the fiscal year. Korea disbursed $ 19.83 million and France $ 36.42 million during the current fiscal year.
The IDA disbursed $ 1.221 million in July-February against the budgeted $ 1.489 billion for the current fiscal year and IBRD $ 152.92 million against the budgeted $ 840.36 million. The IsDB (Short-term) disbursed $ 200 million in July-February against the budgeted $ 500 million for the current fiscal year and AIIB disbursed $ 299.47 million, while IFAD disbursed $ 25.60 million against the budgeted $ 42.68 million for the current fiscal year.
Copyright Business Recorder, 2024
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