The country provisionally received over $820 million of budget estimates of foreign assistance in the first two months (July-August) of the current financial year 2018-19 against $709.22 million during the same period of the last year (2017-18).
The PML-N government had estimated foreign assistance of $9.69 billion for 2018-19 including $394.34 million grants and $9.297 billion loans, as shown in the Economic Affairs Division (EAD) data.
The country received $11.486 billion against the budgeted assistance of $8.094 billion for 2017-18 including $3.716 billion from foreign commercial banks. According to the latest figures, the country provisionally received $129.29 million including $60.54 million loans and $68.74 million grants in August.
The previous government had budgeted estimates of $2 billion from commercial banks for 2018-19. Pakistan received $70 million worth of two commercial loans from Noor Bank PJSC and consortium-led by Suisse AG, UBL, ABL in July. Noor Bank disbursed $20 million in July out of the total committed amount of $130 million. According to EAD documents, the loan agreement was signed on June 21, 2018 i.e. during the tenure of the caretaker government.
The Suisse AG also disbursed $50 million out of its total commitment of $750 million in July. This loan agreement was signed during the tenure of the PML-N government i.e. on May 9, 2018.
However, no commercial loans were taken during August 2018 compared to $253 million borrowed in August 2017. The Asian Development Bank (ADB) disbursed $47.42 million in August against the budgeted estimates of $1.38 billion. The country received $6.75 million from China in August, bringing the total to $296.67 million in the current fiscal year against the budgeted estimate of $840.99 million. This amount includes $166 million for the Orange Line Metro Project, $94.86 million for the Sukkur-Multan section of China-Pakistan Economic Corridor (CPEC), and $21.85 million for Havelian-Thakot Road of CPEC, while $6.75 million were released in August for Orange Line Metro Project.
The USA disbursed $5.15 million, International Development Association (IDA), $7.38 million, France, $8.31 million, Kuwait, $0.03 million, UK, $39.04 million, and Germany disbursed $0.86 million in August.
Comments
Comments are closed.