Pakistan Received $10.8 Billion Foreign Assistance in FY 2018-19

The country provisionally received $10.814 billion of foreign assistance during financial year 2018-19 against $11.486 billion in 2017-18, revealed Economic Affairs Division (EAD).

This does not include $5.5 billion loan from friendly countries – $3 billion each from Saudi Arabia and United Arab Emirates (with one billion dollars yet to be disbursed) and $500 million from Qatar.

EAD data shows that the PTI-led government borrowed $369.89 million from foreign commercial banks in June, bringing the total to $4.097 billion under this head in 2018-19 compared to $3.716 billion borrowed during 2017-18.

The PML-N government had budgeted foreign assistance of $9.69 billion for 2018-19 including a grant of $394.34 million and $9.297 billion loans, as shown in the EAD data.

According to data, the country received over $10.814 billion of foreign assistance in 2018-19 including $10.484 billion in loans and $329.72 million grants. The country provisionally received $999.02 million in June 2019.

Foreign commercial loans exceeded the annual estimate of $2 billion as the country borrowed $4.097 billion in 2018-19. The government borrowed $369.89 million from Dubai Bank in June bringing the total to $554.33 million during 2019 from the Bank.

The government borrowed $2.234 billion from China Development Bank, $300 million from Industrial and Commercial Bank of China (ICBC), $271.5 million from Ajman Bank PJSC, $495 million from a consortium of Credit Suisse AG, UBL and ABL and $242.5 million from Noor Bank during 2018-19.

Pakistan received about 40 percent or $6.8 billion of the total external borrowing from China. It included $2.64 billion in commercial loans, $1.6 billion under the China-Pakistan Economic Corridor (CPEC), $2 billion in China SAFE deposit and $628.4 million for Karachi nuclear power plants.

Asian Development Bank (ADB) disbursed $55.89 million in June bringing the total to $541.17 million during 2018-19 against the budgeted estimates of $1.402 billion i.e. around 40 percent.

USA disbursed $96.34 million against the budgeted estimates of $91.11 million, UK, $87.93 million against $157.22 million, France $88.12 million against $35.75 million, Germany $15.23 million against $24.54 million, Saudi Arabia $59.96 million (same was budgeted), Japan $67.22 million against $40.35 million, IDB (S-Term) $819.69 million against $1 billion, World Bank $652.75 million against $860.48 million and Eco. Trade Bank $39.80 million during 2018-19.

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