The Pakistan Tehreek-e-Insaf (PTI)-led government borrowed $2.648 billion from foreign commercial banks in March, bringing the total to $3.147 billion under this head in the current fiscal year (July-March) 2018-19, compared to $1.722 billion during the same period of last year. The latest data of Economic Affairs Division (EAD) shows that the country provisionally received over $5.84 billion of the budgeted foreign assistance in the first nine months (July-March) of current financial year 2018-19 against $7.91 billion during the same period of last year (2017-18), showing a reduction of about 27 percent.
The assistance received as tabulated by the EAD does not include the 3 billion dollars received from Saudi Arabia, and 2 billion dollars from United Arab Emirates this year with another one billion dollar pledged by UAE in the current fiscal year.
The PML-N government had estimated foreign assistance of $9.69 billion for 2018-19 including $394.34 million grant and $9.297 billion loans, as shown in EAD data.
The country received $11.486 billion against the budgeted assistance of $8.094 billion for 2017-18 including $3.716 billion from foreign commercial banks.
According to the latest figures, the country provisionally received $2.895 billion including $2.879 billion loan and $15.28 million grants in March.
The previous government had budgeted $2 billion from foreign commercial banks for 2018-19, but borrowing under this head reached $3.147 billion in March and surpassed the budgeted estimates.
China Development Bank disbursed $2.234 billion, Industrial and Commercial Bank of China (ICBC) $300 million, Ajman Bank $74.04 million and Eco Trade Bank $39.80 million in March.
The country received $25 million from the consortium-led by Suisse AG, UBL and ABL in December, besides $50 million received in November from the consortium.
Pakistan borrowed $159.5 million in October from Dubai Bank. According to the EAD data the loan agreement of $160 million was signed on September 26, 2018 by the PTI government of which $159.5 million has been received so far. Noor Bank disbursed $20 million in July out of the total committed amount of $130 million.
The Suisse AG disbursed $50 million out of its total commitment of $750 million in July. The country received $170 million in September from consortium-led by Suisse AG, UBL and ABL.
According to the EAD data the loan agreement of $200 million was signed on September 24, 2018 by the PTI government, but the government has crossed the figure and has received $245 million so far.
Besides the $2.534 billion commercial loans, China disbursed $1.256 billion in the current fiscal year including $47.43 million in March against the budgeted estimates of $840.99 million. China released $47.43 million for Sukkur-Multan-Peshawar Motorway (China Pakistan Economic Corridor) project.
Asian Development Bank (ADB) disbursed $14.78 million in March bringing the total disbursement to $390.89 million in the current fiscal year against the budgeted estimates of $1.38 billion for the entire year.
USA disbursed $57.25 million, International Development Association (IDA) $165.95 million, IDB (S-Term) $506.43 million, UK $80.40 million, France $46.93 million, Japan $61.30 million and Germany $14.15 million in the current fiscal year so far.