Summary The government borrowed $7.764 billion from multiple financing sources
LAHORE (Web Desk) - The borrowings by the coalition government dropped 39.18 per cent to $7.764 billion during the first nine months of the current fiscal year (2022-23) as compared to $12.767bn borrowed in the corresponding period of FY2021-22, data released by the Economic Affairs Division (EAD) shows.
The government borrowed $7.764 billion from multiple financing sources, including $900 million from foreign commercial banks.
According to the EAD, the country has not received foreign assistance from China for the sixth consecutive month in March, and $54.93 million was received during the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year.
The country borrowed $900 million from foreign commercial banks during 9MFY23 including $700 million in February. However, no loans were obtained from foreign commercial banks during March 2023.The country received $2.623bn from foreign commercial banks during the same period of last year.
The country received $1.166bn from the International Monetary Fund (IMF) during July-March of FY23.
The government procured $358.71bn external loans in March 2023. The country received $612.30m under the head of “Naya Pakistan Certificate” during the first nine months of current fiscal year including $73.88m in March 2023.
The government has budgeted foreign assistance of $22.817bn for the current fiscal year including $7.5 billion foreign commercial banks.
The country received $4.021bn from multilaterals, $1.064m from bilateral and $1.166bn from IMF during July-March 2022-23. The non-project aid was $6.331bn including $5.272bn for budgetary support and project aid was $1.432bn.
Saudi Arabia disbursed $782.28m against the budgeted $800m under the head of oil facility during the first eight months, however, no money was disbursed in March.
The Asian Development Bank (ADB) disbursed $1.940bn during the period under review compared to the budgeted $3.202bn for the entire fiscal year. The Bank disbursed $12.46m in March 2023.
China disbursed $54.93m in during the first quarter against the government budgeted estimates of $49.02m for the current fiscal year, however no money was received in October, November, December, January, February and March.
The USA disbursed $24.27m during the period under review against the budgeted $32.49m for the current fiscal year, Korea disbursed $21.31m and France $29.87m during the first nine months of FY23, the data further shows.
