ISLAMABAD: The country borrowed $7.142 billion from multiple financing sources during the first 10 months (July-April) of the current fiscal year 2023-24 compared to $8.123 billion borrowed during the same period of 2022-23, revealed the Economic Affairs Division (EAD) data.

The data further shows that the country received $237.24 million in April 2024 compared to $358.61 million in April 2023.

The government has budgeted $ 2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received $3 billion under the 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 the $1 billion disbursed by the UAE. If the IMF and the UAE inflows are added, the total inflows would reach $11.142 billion during the first 10 months of the current fiscal year. The $7.142 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 10 months of the current fiscal year.

The government had budgeted $1.5 billion for 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 $889.43 million under the head of the “Naya Pakistan Certificate” during the first 10 months of the current fiscal year 2023-24.

The country received $2.866 billion from multilaterals and $877.76 million from bilateral during July-April 2023-24. The non-project aid was $4.842 billion including $3.697 billion for budgetary support and project aid was $2.300 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-April against the government budget of $18.54 million for the current fiscal year.

The Asian Development Bank (ADB) disbursed $708.30 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-April 2023-24. Saudi Arabia disbursed another $62.03 million in the current fiscal year so far.

The USA disbursed $37.02 million in the first 10 months against the budgeted $21.60 million for the fiscal year. Korea disbursed $26.61 million and France $41.66 million during the current fiscal year.

The IDA disbursed $1.353 million in July-April against the budgeted $1.489 billion for the current fiscal year and IBRD $171.67 million against the budgeted $840.36 million. The IsDB (short-term) disbursed $200 million in July-April against the budgeted $500 million for the current fiscal year and AIIB disbursed $309.95 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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Hafiz Shahid Sajjad May 25, 2024 09:31am
Good job done by young Hamid sab. A great Journalist
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Rebirth May 25, 2024 09:56am
If this was to balance our budget, then we can now go to the SBP, just not manipulate the ForEx reserves as per the wishes of Isaac Soros. We have a revenue shortfall of 10 trillion, not 7 trillion.
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Dabeer Razvi May 25, 2024 10:54am
Please, please, reduce the Government Expense. Best wishes and prayers.
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KU May 25, 2024 11:03am
Just exploring the depth of shame of our self-serving rulers who are responsible for our present economic predicament. India exports on avg $10 billion worth of jewellery annually. Economic policy!
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