Pakistan Received Over $12 Billion External Loans in First 8 Months of FY22

The government borrowed $12.178 billion from multiple financing sources in the first eight months (July-February) of 2021-22 against the total budgeted external loans of $14.088 billion for the entire fiscal year.

The official documents revealed that the government received $154.47 million from multiple financing sources in February 2022.

The external inflows during the corresponding period (July-February) of the fiscal year 2020-21 were $7.208 billion, including $3.11 billion from foreign commercial banks against the budgeted amount of $12.233 billion.

The total receipt of $12.178 billion constitutes $3.477 billion from multilateral, $203.68 million from bilateral, $2.623 billion from foreign commercial banks, and $2.041 billion from issuance of bonds and a $3 billion time deposit from Saudi Arabia. The non-project aid was $9.916 billion, including $8.411 billion for budgetary support, and project aid was $1.730 billion. Guaranteed loans were $531.01 million during the first eight months of 2021-22.

The government borrowed $2.623 billion from foreign commercial banks during the first eight months of the current fiscal year, including $1.140 billion from Dubai Bank, $487.26 million from SCB (London), $61 million from Ajman Bank PJSC, $343.50 million from Suisse AG, UBL, and ABL, and $591.25 million from Emirates NBD.

Among multilateral development partners, mainly the Asian Development Bank provided $1.100 billion, the AIIB $38.77 million, IDB $66.67 million, and IDB (S-Term) $1.189 billion. China disbursed $100.80 million in the first seven months (July-January) of the current fiscal year, however, no amount was disbursed in February. The USA disbursed $49.67 million, Korea $4.06 million, the UK $14.54 million, and Germany $12.36 million.