How ironic it is that the country has procured $1.022 billion commercial loans from foreign banks in the first four months (July-October) of the current fiscal year 2017-18, thus surpassing the budgeted estimates of $1 billion for the entire year. According to a Business Recorder news item, total external assistance for July-October 2017 amounted to $2.452 billion (including $1.022 billion commercial loans), revealed Economic Affairs Division (EAD).
The government has signed short-term commercial loan agreements of $1.172 billion during the first four months (July-October) of the current fiscal year 2017-18 with different foreign banks of which $1.022 billion have materialized. The procurement of these loans constitutes a sardonic comment on the country's state of economy. During the Faizabad sit-in standoff, Bloomberg TV, for example, had aptly summarized Pakistan's economy in the following manner:
"Pakistan calls Army into besieged capital days before [Eurobond/Sukuk] bond sale."
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