Pakistan secured $13.03 billion in foreign loans in 10 months: EAD

Pakistan has taken in foreign loans of $13.03 billion in the first ten months (July-April) of the current fiscal year 2021-22 from multiple funding sources against annual budget estimates of $14.09 billion for the full year.

According to the latest monthly bulletin released Monday by the Economic Affairs Division (EAD), the country received $262.14 million in foreign aid from multiple funding sources in April 2022.

Out of $13.03 billion, the government secured a loan of $10.26 billion for non-project assistance, including $9.02 billion in the form of program aid/budgetary support to restructure the Pakistani economy, $1.21 billion for short-term credit and $31.41 million for TDPs while $1.82 billion was secured for project aid funding and guaranteed loans of 832 .53 million during July-April FY22.

Going into the details made available by the EAD, disbursement from bilateral and multilateral development partners maintained a strong trend as it totaled $4.54 billion in foreign economic assistance in July-April 2021-22 . These abundant inflows also contributed to improving foreign exchange reserves.

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The Ministry of Economic Affairs noted that the country relied on foreign commercial borrowing as it was registered at $2.62 billion, including $1.14 billion from Dubai Bank, a $591.25 million loan. dollars from Emirates NBD, $61 million from Ajman Bank, a $487.26 million loan from Standard Chartered Bank London. while Suisse AG, UBL & ABL provided $343.50 million in July-March 2021-22. Similarly, the country received $2.04 billion in bond issues and $3 billion in term deposits from Saudi Arabia during the said period.

From July to April 2021-22, foreign aid obtained by Pakistan through multilateral sources amounted to $4.05 billion. Among multilateral development partners, the Asian Development Bank (AfDB) provided $1.454 billion, followed by the Islamic Development Bank (IDB) which provided $1.21 billion in short-term financing and the International Development Association-World Bank (IDA) with $976.93 million.

The EAD statement revealed that the collective disbursement from bilateral partners amounted to $485.97 million in FY22 July-April, with the country receiving $201.09 million from the Saudi Arabia, followed by China with $153.3 million, the United States with a grant of $64.32 million while Japan gave $19.33. million during the period under review.

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