Pakistan secured $12.4 billion in foreign loans during the financial year 2025, marking a $2.6 billion increase compared to $9.8 billion disbursed in FY24, according to official data.
Excluding inflows of $2.1 billion from the International Monetary Fund (IMF), the $12.4 billion does not include the $9 billion in rollover deposits from Saudi Arabia and China under Time Deposit and SAFE arrangements.
The higher inflows were driven by increased disbursements from the Asian Development Bank (ADB), commercial bank loans, proceeds from the Naya Pakistan Certificate scheme, and the resumption of the Saudi Oil Facility (SOF).
Multilateral creditors disbursed $4.838 billion in FY25, exceeding the budgetary projection of $4.577 billion. Among them, the ADB released $2.13 billion, surpassing the $1.65 billion target, while the Asian Infrastructure Investment Bank (AIIB) disbursed $110.37 million.
Bilateral inflows also exceeded expectations, with Pakistan receiving $600 million while Saudi Arabia disbursed $221.27 million.
Foreign commercial borrowing stood at $4.297 billion, surpassing the target of $3.779 billion. Additionally, Pakistan secured $1.9 billion through Naya Pakistan Certificates.
Disbursements from the World Bank were below projections. The International Development Association (IDA) released $1.37 billion while the International Bank for Reconstruction and Development (IBRD) disbursed $392 million.
China disbursed $483 million as guaranteed loans to Pakistan during FY25.