The government has borrowed $1.5 billion from commercial banks in June, bringing the total to $4.367 billion under this head in the fiscal year 2016-17, revealed the Economic Affairs Division (EAD).
EAD’s latest data shows that the country provisionally received $10.55 billion in foreign assistance from multilateral and bilateral donors and surpassed the budgeted estimates of $7.998 in financial year 2016-17, mainly because of $4.367 billion loans from foreign commercial banks.
Government borrowed $1.507 billion from commercial banks in June, 2017. It had budgeted $2.005 billion from foreign commercial banks for the financial year 2016-17, however the target was surpassed in May.
It also borrowed $697 million from Standard Chartered Bank (SCB) London, $300 million from Bank of China, $275 million from CITI bank and $235 million from Switzerland-based financial group Credit Suisse in June 2017 for budgetary support.
The China Development Bank (CDB) had 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 May.
The government had borrowed $115 million in March from Noor Bank PJSC for budgetary support and $300 million from Industrial and Commercial Bank of China Limited in January. The country borrowed $200 million from Noor Bank PJSC for budgetary support and $700 million from China Development Bank as non-project aid in September 2016.
The government has also borrowed $26.49 million from Asian Infrastructure Investment Bank (AIIB) in financial year 2016-17 which was not budgeted as per the EAD data. The data shows that government borrowed $5 million from the Eco Trade Bank in February which was also not budgeted. In addition, the government issued Sukuk of one billion dollars at a rate of return of 6.5% during the fiscal year 2016-17.
The government had budgeted foreign assistance of $7.998 billion for 2016-17 against $9.18 billion budgeted for 2015-16. The EAD data shows that country received $10.55 billion in the fiscal year 2016-17 against $7.348 billion in 2015-16.
The country received $2.757 billion in June including $2.73 billion loans and $26.23 million grants. The latest figures show that the country provisionally received $10.123 billion in loans and $426.4 million grants in the fiscal year 2016-17.
Pakistan received $1.594 billion from China in 2016-17 including $255.57 million in June against the budgeted $572.3 million for the last fiscal year. The country had received $976.43 million from China in 2015-16.
Asian Development Bank (ADB) disbursed $1.608 billion in the financial year 2016-17 including $667.23 million in June against the budgeted estimates of $1.048 billion for the last fiscal year.
International Development Association (IDA) disbursed $664.82 million including $121.44 million in June i.e. 46 percent of the budgeted estimates of $1.448 billion, IDB (S-Term) disbursed $404.85 million including $27.25 million June (89 percent of the budgeted estimates of $452 million) and USA disbursed $82.35 million including $2.54 million in June i.e. 74 percent of the budgeted estimates of $111.41 million.
International Bank for Reconstruction and Development (IBRD) disbursed $238.83 million including $24.21 million in June against the budgeted estimates of $62.48 million for the fiscal year 2016-17, UNHCR disbursed $1.07 million, IDB $88.63 million, Japan disbursed $51.13 million against the budgeted $77.13 million for the last fiscal year and UK released $163 million. EU disbursed $28.94 million in 2016-17 against the budgeted estimates of $51.12 million.
Multi Donor Trust Fund (MDTF) disbursed $55.02 million in the last fiscal year against the budgeted estimates of $38.59 million. France disbursed $111.8 million in 2016-17.
The country received no assistance from Korea, Norway, Oman, Saudi Arabia and UNDP.