Pakistan Received $2.45 Billion in Loans & Grants During the Past 4 Months

Pakistan received a total of $2.452 billion in external aid during July-October 2017-18, revealed Economic Affairs Division (EAD).

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

China disbursed $417.21 million in the current fiscal year (July-October) 2017-18 against the budgeted $1.595 billion for the entire year. It released $100.1 million in October including $56.3 million for Sukkur-Multan Motorway project, $22.4 for Havelian-Thakot under the China Pakistan Economic Corridor (CPEC) framework and $21.32 million for the Orange Line project Lahore.

Asian Development Bank (ADB) disbursed $160.54 million in the current fiscal year 2017-18 so far, including $43.23 million in October against the budgeted estimates of $1.221 billion.

International Bank for Reconstruction and Development (IBRD) issued $69.56 million against the estimated $60.65 million, IDB(S-Term) released $455.36 million against the estimated $1.550 billion, Asian Infrastructure Investment Bank (AIIB) sent $7.86 million, International Development Association (IDA) released $79.05 million against $975.27 million and Islamic Development Bank (IDB) issued $53.84 million.

Categorizing individual countries by loans: Japan $33.17 million, Saudi Arabia $22.50 million, UK released $81.59 million of grant and USA released $22 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 four months of the current fiscal year 2017-18.

The country procured $1.022 billion commercial loans from foreign banks during the current fiscal year 2017-18.

The government procured $500 million as commercial loans from Industrial and Commercial Bank of China Limited (ICBC) in October. $50 million were procured from the Credit Suisse-led consortium of banks, bringing the total to $255 million from the consortium.

The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited. The country procured $267 million commercial loans from Citibank during the period under review for budgetary support.

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