$2.87 Billion Received in Foreign Assistance for Current Fiscal Year

The government received a total of $2.877 billion external assistance during the first five months (July-November) of the current fiscal year 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 grants.

The country received a total of $396 million of foreign assistance in November 2017.

China disbursed $455.25 million in the current fiscal year (July-November) 2017-18 against the budgeted $1.595 billion for the entire year.

China released $38.04 million in November and that is for the Havelian-Thakot motorway under the China Pakistan Economic Corridor (CPEC) framework.

• Asian Development Bank (ADB) disbursed $221.88 million in the current fiscal year 2017-18 so far including $61.34 million in November against the budgeted estimates of $1.221 billion,
• International Bank for Reconstruction and Development (IBRD) $69.88 million against the estimated $60.65 million,
• IDB(S-Term) $660.31 million including $175.96 million in November against the estimated $1.550 billion,
• Asian Infrastructure Investment Bank (AIIB) $7.86 million,
• International Development Association (IDA) $106.65 million against $975.27 million,
• Islamic Development Bank (IDB) $55.25 million,
• Japan $33.17 million,
• Saudi Arabia $22.50 million,
• UK released $89.44 million of grant,
• USA released $25.96 million in the current fiscal year 2017-18 against the budgeted estimates of $117.56 million.

The country procured $1.092 billion commercial loans from foreign banks in the current fiscal year (July-November) 2017-18.

The government procured $70.37 million from Standard Chartered Bank (SCB) London in November.

The government procured $500 million commercial loans from Industrial and Commercial Bank of China Limited (ICBC) in October.

Further $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 current fiscal year 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.

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