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| In the initial quarter of FY24 Pakistan acquired foreign loans totaling $3.5 billion |
During the first quarter of the fiscal year 2023-24 (July-September), Pakistan borrowed $3.527 billion from various financing sources, in contrast to the $2.234 billion borrowed during the same period in 2022-23, as per data released by the Economic Affairs Division (EAD).
The data also indicates that Pakistan received $320.92 million in September 2023, compared to $625.86 million in September 2022. The government had allocated $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year 2023-24 and received the first tranche of $1.2 billion from the $3 billion Stand-By Arrangement (SBA) in July 2023, although this information is not reflected in the EAD data.
Additionally, there is no mention of the $1 billion disbursed by the UAE. When considering the IMF and UAE inflows, the total inflows for the first three months of the current fiscal year would reach $5.727 billion.
Of the $3.527 billion borrowed, $2 billion was received from Saudi Arabia under the category of time deposit in July 2023. The data also reveals that the government had estimated $4.5 billion from foreign commercial banks for the fiscal year 2023-24, but no funds were received under this category in the first three months. Furthermore, the government had budgeted $1.5 billion from bond issuance, but no amount has been received as bonds have not been issued yet.
During July-September 2023-24, Pakistan received $490.48 million from multilateral sources and $324.05 million from bilateral sources. Non-project aid amounted to $2.653 billion, including $2.253 billion for budgetary support, and project aid stood at $873.97 million.
Saudi Arabia disbursed $300 million out of the budgeted $600 million under the oil facility during this period. The USA disbursed $13.98 million, Korea disbursed $4.85 million, and France disbursed $1.28 million during the current fiscal year. Additionally,
The International Development Association (IDA) disbursed $240.93 million against the budgeted $1.489 billion, and the International Bank for Reconstruction and Development (IBRD) disbursed $58.45 million against the budgeted $840.36 million. The Islamic Development Bank (Short-term) disbursed $100 million against the budgeted $500 million, the Asian Infrastructure Investment Bank (AIIB) disbursed $22.96 million, and the International Fund for Agricultural Development (IFAD) disbursed $6.38 million against the budgeted $42.68 million for the current fiscal year.
