The PTI-led government borrowed $543.96 million from foreign commercial banks in May, bringing the total to $3.727 billion under this head in July-May 2018-19, compared to $3.494 billion borrowed during the same period of 2017-18.
This does not include $6 billion loan from friendly countries - $3 billion each from Saudi Arabia and United Arab Emirates (with one billion dollar yet to be disbursed).
The latest data of Economic Affairs Division (EAD) shows that the country provisionally received over $9.76 billion of foreign assistance in the first 11 months (July-May) of financial year 2018-19 (loans from friendly countries not included) against $10.448 billion during the same period of 2017-18.
The PML-N government had budgeted foreign assistance of $9.69 billion for 2018-19 including grant of $394.34 million and $9.297 billion loans, as shown in the 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 EAD data, the country received over $9.76 billion of foreign assistance in July-May period of the year 2018-19 including $9.5 billion in loans and $263 million grants during 11 months of 2018-19. The amount of borrowing exceeded the budgeted level in eleven months. The country provisionally received $874 million in May.
According to the EAD data, the Asian Development Bank (ADB) disbursed $453.23 million in first 11 months of the FY 2018-19 against the budgeted estimates of $1.38 billion.
Pakistan received $2.13 billion from China in 2018-19 against the budgeted estimate of $840.99 million. The USA disbursed $70.51 million, International Development Association (IDA), $288 million, UK, $80.4 million, France, $66.57 million, and Germany disbursed $34.14 million in the 2018-19. The Saudi Arabia and Japan had provided $59.89 million and $62.10 million, respectively, during July to May period of the year 2018-19.
Foreign commercial loans exceeded the annual estimate of $2 billion. In commercial loans, the government borrowed $271.5 million from Ajman Bank PJSC. A consortium of Credit Suisse AG, UBL and ABL gave an additional $200 million last month, taking its total loans in the past 11 months to $495 million. Noor Bank released $222.5 million, taking its total disbursements to $242.5 million in 11 months.
The Islamic Development Bank (IDB) has given loan of (S-Term) $648.07 million during 11 months of the year 2018-19. China Development Bank disbursed $2.234 billion and Industrial and Commercial Bank of China (ICBC) provided $300 million in fiscal year 2018-19.