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ISLAMABAD: The country borrowed $6.899 billion from multiple financing sources during the first nine months (July-March) of the current fiscal year 2023-24 compared to $7.764 billion borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.

The data further shows that the country received $218.53 million in March 2024 compared to $358.71 million in March 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.

Jul-Mar period: Govt borrowing soars to record high of Rs4.8trn

Further, there is no mention of $1 billion disbursed by the UAE. If the IMF and the UAE inflows are added, the total inflows would reach $9.799 billion during the first nine months of the current fiscal year. The $6.899 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 nine months of the current fiscal year.

The government had budgeted $1.5 billion from the issuance of bonds; however, as 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 $781.48 million under the head of the “Naya Pakistan Certificate” during the first nine months of the current fiscal year 2023-24.

The country received $2.738 billion from multilaterals and $870.22 million from bilateral during July-March 2023-24. The non-project aid was $4.724 billion including $3.580 billion for budgetary support and project aid was $2.174 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-March against the government budgeted of $18.54 million for the current fiscal year.

The Asian Development Bank (ADB) disbursed $665.52 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-March 2023-24. Saudi Arabia disbursed another $62.03 million in the current fiscal year so far.

The USA disbursed $36.01 million in the first nine months against the budgeted $21.60 million for the fiscal year. Korea disbursed $24.81 million and France $39.89 million during the current fiscal year.

The IDA disbursed $1.292 million in July-March against the budgeted $1.489 billion for the current fiscal year and IBRD $163.15 million against the budgeted $840.36 million. The IsDB (Short-term) disbursed $200 million in July-March against the budgeted $500 million for the current fiscal year and AIIB disbursed $300.04 million, while IFAD disbursed $26.29 million against the budgeted $42.68 million for the current fiscal year.

Copyright Business Recorder, 2024

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Ozair Apr 29, 2024 07:56am
Local borrowing by the government has led to an increase in interest rates which will further discourage industrial growth owing to the rise in the cost of capital
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