Pakistan borrows $6.3 billion in seven months

WEB DESK: Pakistan borrowed $6.306 billion in the first seven months of fiscal year 2023–24, surpassing the $6.134 billion borrowed in the same period last year, according to Economic Affairs Division (EAD) data.

In January 2024, the country received $331.59 million, compared to $294.54 million in January 2023.

The government aimed for $2.4 billion from the IMF for 2023–24, receiving $1.9 billion of the $3 billion stand-by arrangement (SBA), not reflected in EAD data. The UAE disbursed $1 billion, bringing total inflows to $9.206 billion.

Of the $6.306 billion, $2 billion came from Saudi Arabia as a time deposit in July 2023. No funds were received from foreign commercial banks, falling short of the projected $4.5 billion. The expected $1.5 billion from bond issuance remains unrealized.

The government’s total budgeted inflow was $17.619 billion, including $595.09 million from the “Naya Pakistan Certificate.” Multilaterals contributed $2.408 billion and bilaterals $794.61 million, with non-project aid at $4.535 billion.

China disbursed $508.34 million for the JF-17B project, exceeding the budget. The ADB disbursed $620 million, below the budgeted $2.086 billion. Saudi Arabia disbursed $595.18 million for the oil facility against the budgeted $600 million, plus an additional $59.05 million.

The USA disbursed $25.67 million, exceeding the budgeted $21.60 million. Korea and France disbursed $12.38 million and $30.64 million, respectively.

The IDA disbursed $1.058 million against the budgeted $1.489 billion, and IBRD $125.58 million against $840.36 million. IsDB (short-term) disbursed $200 million against $500 million, AIIB $292.96 million, and IFAD $23.12 million against $42.68 million.

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