HomeAsiaPakistanPakistan receives only $320.9 million loans from international lenders in Sept

Pakistan receives only $320.9 million loans from international lenders in Sept

ISLAMABAD-Pakistan has received only $320.9 million loans from international lenders in the month of September this year.
Pakistan has overall taken foreign loans of $5.7 billion during the first quarter (July to September) of the current fiscal year. The country has received $3.5 billion in budget and project financing and another $2.2 billion came in State Bank of Pakistan’s account. The inflows helped in building the country’s foreign exchange reserves, which earlier were depleting. The major financing $3 billion came from Saudi Arabia and the United Arab Emirates (UAE). The IMF disbursed $1.2 billion.
The government had budgeted $17.619 billion from multiple financing sources for the current fiscal year including $17.384 billion loans and $234.60 million grants. In the first quarter, the government received only 19 percent in the period from July to September in the current financial year.
According to the latest data, the country has received $508 million as CATIC (PAF), $490.5 million from multilateral, $324 million from bilateral, $204.5 million from Naya Pakistan Certificate and $2 billion as time deposit loan in the first quarter of this fiscal year. In multilateral sources, Asian Development Bank (ADB) has disbursed $61.75 million, Asian Infrastructure Investment Bank (AIIB) $22.96 million, $240.93 million from IDA of the World Bank and $100 million as IsDB (Short-term). In bilateral sources, Pakistan has received $300 million from Saudi Arabia as oil facilities, $13.98 million from the United States, $4.85 million from Korea and $1.28 million from France.
It is worth mentioning here that the country is expecting to receive $6 billion inflows from multiple sources during the current year 2023 including the next tranche from the International Monetary Fund (IMF). The IMF would hold the next review with Pakistan in November this year, which would pave the way for releasing the next loan tranche by the end of current year. The country would also receive loans from the World Bank and Asian Development Bank and rollover of deposits from friendly countries on maturity. Overall, the country would receive $6 billion from different sources.
The IMF would release around $500 million to one billion dollars if it satisfies with the economic situation of the country. The government is expecting $1 billion from Islamic Development Bank, $450 million from the World Bank and $250 million from Asian Infra¬structure Investment Bank in the ongoing month. The country might receive $300 million to $500 million of Geneva pledges for flood-af¬fected areas and $1 billion to $2 billion minimum from UAE commercial banks, which will not be rolled over during the last few months.

Source: nation.com.pk

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