Pakistan Received $1.5 Billion in Loans & Grants in Last Three Months

Pakistan has received total assistance of $1.506 billion from multilateral and bilateral donors during July-September 2017, revealed Economic Affairs Division (EAD).

The government has budgeted foreign assistance of $8.094 billion for 2017-18 including $7.692 billion in loans and $401.78 million in grants.

China disbursed $239.75 million in the current fiscal year (July-September) 2017-18 against the budgeted $1.595 billion for the entire year. The country released $120.4 million in September for Sukkur-Multan Motorway project under the China Pakistan Economic Corridor (CPEC) framework as well.

Other notable loans and grants released during this quarter are listed below:

• Asian Development Bank (ADB) disbursed $117.31 million in the first quarter of the current fiscal year 2017-18 including $38.38 million in September against the budgeted estimates of $1.221 billion,
• International Bank for Reconstruction and Development (IBRD) $59.85 million against the estimated $60.65 million,
• IDB(S-Term) $338.86 million against the estimated $1.550 billion,
• Asian Infrastructure Investment Bank (AIIB) $6.7 million,
• International Development Association (IDA) $58.77 million against $975.27 million,
• Islamic Development Bank (IDB) $53.65 million,
• Japan $21.97 million,
• Saudi Arabia $22.50 million,
• UK released $81.59 million under the head of grant,
• USA released $21.07 million in the current fiscal year 2017-18 against the budgeted estimates of $117.56 million.

The government has received no assistance from EU, Italy, Korea, Norway and UNDP during the first two months of the current fiscal year 2017-18.

The country procured $458 million commercial loans from foreign banks in the first quarter (July-September) of the current fiscal year.

Pakistan received $253 million as commercial loan from Citibank in the first two months (July-August) and procured $205 million from Credit Suisse-led consortium of banks in September 2017 for budgetary support. The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited.

The government budgeted $2.05 billion for 2016-17 but by the end of the year it had borrowed $4.367 billion from foreign commercial banks.