Pakistan Got Foreign Loans of $11.5 Billion in 11 Months of FY24

July 5, 2024Zayn0

During the first eleven months (July through May) of the fiscal year 2023–24 (FY24), Pakistan received $11.547 billion in foreign loans.

Loan Breakdown

According to data from the Economic Affairs Division (EAD), Pakistan borrowed $7.547 billion from various financial sources in 11MFY24 as opposed to $8.613 billion in the same period in FY23.

According to the data, the nation’s May 2024 receipts came to $402.97 million, while May 2023 receipts were $491.69 million. For FY24, the government has allocated $17.619 billion from various funding sources, including $234.60 million in grants and $17.384 billion in loans. Under the “Naya Pakistan Certificate,” the nation was given $1.015 billion in 11MFY24.

In 11MFY24, the nation got $3.134 billion in multilateral aid and $888.93 million in bilateral aid. Project aid was $2.565 billion, while non-project aid totaled $4.981 billion, including $3.837 billion for budgetary support.

Loans From Specific Sources

  • China paid out $508.34 million under the guaranteed amount for the China National Aero-technology Import and Export Corporation (CATIC)-funded JF-17 B project. In addition, China spent 68.23 million in 11MFY24 as opposed to the $18.54 million the government had planned for FY24.
  • In comparison to the $2.086 billion allocated for FY24, the Asian Development Bank (ADB) disbursed $766.42 million during the period under review.
  • During 11MFY24, Saudi Arabia spent $595.18 million under the head of oil facility, compared to the $600 million allocated. In 11MFY24, Saudi Arabia contributed an additional $64.03 million.
  • In contrast to the $21.60 million allocated for FY24, the US spent $38.53 million in 11MFY24. In FY24, Korea paid out $26.61 million and France $45.17 million.

IDA disbursed $1.518 million in 11MFY24 compared to the FY24 budget of $1.489 billion, and IBRD disbursed $195.28 million versus the $840.36 million allocated. In contrast to the $500 million budgeted for FY24, the IsDB (Short-term) dispensed $200 million in 11MFY24, the AIIB disbursed $315.09 million, and IFAD disbursed $42.43 million compared to the $42.68 million budgeted for FY24.

Other Loan Details

The EAD data does not represent the $3 billion that the government received under the Stand-By Arrangement (SBA) and the $2.4 billion that was budgeted for FY24 by the government from the IMF.

Although the nation did not issue the bonds, the government did not get the $1.5 billion that was budgeted for that purpose in 11MFY24.

 

 

 

Zayn

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