Pakistan Received $7.75 Billion During 2016-17 in Foreign Loans, Grants

The country provisionally received $7.747 billion i.e. 96 percent of budgeted estimates of foreign assistance from multilateral and bilateral donors in the current financial year (July-May).

The Economic Affairs Division (EAD) data revealed that government borrowed $1.545 billion from commercial banks in the month of May, 2017 only.

The China Development Bank (CDB) released $1 billion for budgetary support in May. Further the government borrowed $415 million from Switzerland-based financial group Credit Suisse and $130 million from Noor Bank PJSC for budgetary support in the month of May.

The government had borrowed $115 million in the month of March from Noor Bank PJSC for budgetary support. Further $300 million was borrowed from Industrial and Commercial Bank of China Limited in the month of January. The country borrowed $200 million from Noor Bank PJSC for budgetary support and $700 million from China Development Bank as non-project aid during the month of September.

The government has also borrowed $22.64 million from Asian Infrastructure Investment Bank (AIIB) in the current financial year which was not budgeted as per the EAD data.

The data shows that government borrowed $5 million from the Eco Trade Bank in the month of February which was also not budgeted. In addition, the government issued Sukuk of one billion dollar at a 6.5 percent rate of return during the period under review.

The EAD data shows that country received $7.747 billion in the current fiscal year (July-May) against $6.23 billion during the same period of last year showing an increase of $1.514 billion.

The government had budgeted foreign assistance of $7.998 billion for 2016-17 including grants and loans against $9.18 billion budgeted for 2015-16.

The country received $1.852 billion in the month of May including $1.846 billion loans and $5.92 million grants. The latest figures show that the country provisionally received $7.354 billion in loans and $393.39 million grants in the current fiscal year.

Pakistan received $1.327 billion from China in the current fiscal year including $153.91 million in the month of May against the budgeted $572.3 million for the current financial year. The country had received $976.43 million from China during the same period of last year.

Asian Development Bank (ADB) disbursed $940.11 million in the current financial year including $25.79 million in the month of May against the budgeted estimates of $1048.2 million for the current fiscal year i.e. 89 percent.

International Development Association (IDA) disbursed $543.34 million including $63.62 million in the month of May i.e. 37 percent of the budgeted estimates of $1.448 billion, IDB (S-Term) disbursed $350 million i.e.77 percent of the budgeted estimates of $452 million and USA disbursed $77.43 million including $4.6 million in the month of May i.e. 69 percent of the budgeted estimates of $111.41 million.

International Bank for Reconstruction and Development (IBRD) disbursed $216.32 million including $27.64 million in the month of May against the budgeted estimates of $62.48 million for the current fiscal year, UNHCR disbursed $0.88 million, IDB $88.63 million, Japan disbursed $48.37 million against the budgeted $77.13 million for the current fiscal year and UK released $158.59 million. EU disbursed $17.84 million in the current financial year against the budgeted estimates of $51.12 million.

Multi Donor Trust Fund (MDTF) disbursed $34.50 million in the current fiscal year against the budgeted estimates of $38.59 million.

The country received no assistance from France, Korea, Norway, Oman, Saudi Arabia and UNDP.