Pakistan obtained $3098.06 million in loans from multilateral and commercial banks during the first three months of the current fiscal year 2021-22.
According to a document containing the details of loans received by Pakistan, the Pakistani government has received $76.97 million on a bilateral basis, $1563.55 million from multilateral organizations, and $457 million from commercial banks. The government also received $106.87 million grants from different countries including the USA, Japan, and Germany, in addition to multilateral organizations such as IBRD, from July to September.
The document reveals that China has been on the top to give Pakistan loans, as it has provided $73.35 million. The United States transferred $27.27 million loans as well as a grant to Pakistan from July to September.
Furthermore, the Asian Development Bank lent $459.95 million, International Development Association (IDA) $531.25million, IDA (short term) $446.31 million, International Bank for Reconstruction and Development (IBRD) $111 million, and AIIB $37 million loans as well as grants during this period. The commercial banks including Ajman Bank PJSC, Dubai as well as SCB London gave $457.54 million in loans in three months against the total yearly budget estimate of $7,870million.
The document states that the government has obtained $363.26 million in the first two months and $94 million in September.
It is pertinent to note that the government has estimated to obtain a $14,088 million loan as well as grants from bilateral, multilateral, and commercial banks in the budget 2021-22.
