Pakistan Incurs External Debt of $4.2 Billion in First Four Months of FY23

The government has borrowed $4.255 billion from multiple financing sources during the first four months (July-October) of the current fiscal year (FY23) compared to $3.898 billion borrowed during the same period of the last fiscal year.

The country borrowed $200 million from foreign commercial banks during the first four months of FY23 compared to $866.43 million during the same period of last year, shows the data released by the Economic Affairs Division.

The government procured $2.017 billion external loans in October 2022 mainly due to the disbursement of $1.522 billion by the Asian Development Bank (ADB) compared to $692.57 million during the same month of the last fiscal year. International Monetary Fund (IMF) disbursed $1.166 billion during the period under review.

The government has budgeted foreign assistance of $22.8 billion for FY23 including $7.5 billion from foreign commercial banks, and $161.46 million in grants.

The country received $2.322 billion from multilaterals, $497.44 million from bilaterals and $1.166 billion from IMF during July-October FY23. The non-project aid was $3.668 billion including $3.101 billion for budgetary support and project aid was $587.42 million.

China disbursed $54.93 during the first four months of FY23 against the government budgeted estimates of $49.02 million for the current fiscal year, however, no money was received in October. Saudi Arabia disbursed $400 million against the budgeted $800 million. The US disbursed $10.34 million during the period under review against the budgeted $32.49 million for the current fiscal year. Korea disbursed $16.63 million and France $8.40 million during the first four months of the current fiscal year.

The Asian Development Bank (ADB) disbursed $1.635 billion during the first four months of FY23 out of the $3.202 billion budgeted for the current fiscal year. ADB disbursed $1.522 billion in October 2022.

The IDA disbursed $459.25 million against the budgeted $1.4 billion, IBRD $41.89 million against the budgeted $1.246 billion, Islamic Development Bank disbursed $13.40 million against the budgeted $3.38 million for the current financial year while the IsDB (Short-term) disbursed $155.53 million.



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