Foreign banks: $532.66 million commercial loans procured in January

The government has procured $532.66 million commercial loans from foreign banks in January, bringing the total to $1.78 billion in the current fiscal year (July-January) 2017-18. The government had budgeted $1 billion for the entire fiscal year 2017-18, however it surpassed the estimates in the first four months (July-November).
Total external assistance for July-January (2017-18) amounted to $6.88 billion (including $1.78 billion commercial loans), revealed Economic Affairs Division (EAD). The government has signed short-term commercial loan agreements of $1.917 billion in the current fiscal year 2017-18 so far with different foreign banks of which $1.78 billion have been materialized so far.
The government procured $500 million commercial loans from Industrial and Commercial Bank of China Limited (ICBC) and $32.66 million from Standard Chartered Bank (SCB)-London in January 2018.
The government had already procured $500 million commercial loans from Industrial and Commercial Bank of China Limited (ICBC) in October 2017.
The government had signed an agreement for procuring $200 million commercial loans from Standard Chartered Bank (SCB)-London on October 31, 2017 and procured the entire amount while $32.66 million of the total were obtained in January.
Furthermore, $50 million were procured from the Credit Suisse-led consortium of banks, bringing the total to $255 million from the consortium in the current fiscal year 2017-18. The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited. The country procured $267 million commercial loans from Citibank for budgetary support and $55.86 million from Dubai Bank in the current fiscal year.
The government has budgeted foreign assistance of $8.094 billion for 2017-18 including $7.692 billion loans and $401.78 million grants.
China disbursed $608.71 million in the current fiscal year (July-January) 2017-18 against the budgeted $1.595 billion for the entire year. China released $46.87 million in January for Chashma Nuclear Power Plant and $22.18 million for the Neelam-Jhelum hydro power project.
The Asian Development Bank (ADB) disbursed $498.03 million in the current fiscal year 2017-18 so far including $42.33 million in January against the budgeted estimates of $1.221 billion; International Bank for Reconstruction and Development (IBRD) disbursed $97.41 million including $10.75 million in January against the estimated $60.65 million; IDB(S-Term) provided $790 million against the estimated $1.550 billion; Asian Infrastructure Investment Bank (AIIB), $15.78 million; International Development Association (IDA), $192.08 million against $975.27 million; Islamic Development Bank (IDB), $55.38 million; Japan, $71.52 million; Saudi Arabia, $22.50 million; the UK released $134.70 million of grant, and the USA released $35.63 million in the current fiscal year 2017-18 including $3.91 million in January against the budgeted estimates of $117.56 million. The government has received no assistance from Italy, Korea, Norway and UNDP during the current fiscal year (July-January) 2017-18.