Q1 govt external borrowing climbs to $2.234bn

ISLAMABAD: The government has borrowed $2.234 billion from multiple financing sources including $1.166 billion from the International Monetary Fund (IMF) during the first quarter (July-September) of the current fiscal year 2022-23 compared to $3.204 billion borrowed during the same period of last fiscal year.

The country received no loans from foreign commercial banks during the first quarter of the current fiscal year 2022-23, compared to $457.54 million received during the same period of last year, shows the Economic Affairs Division data.

Contrary to past practices, the EAD has also listed the loans taken from the IMF.

The government procured $625.85 million external loans in September 2022 compared to $826.41 million during the same month of the last fiscal year.

The government has budgeted foreign assistance of $22.8 billion for the current fiscal year including $7.5 billion foreign commercial banks, $22.655 billion loans, and $161.46 million grants.

External debt to reach $140.9bn: IMF

The country received $682.30 million from multilaterals and $385.99 million from bilateral and $1.166 billion from IMF during July-September 2022. The non-project aid was $1.834 billion including $1.323 billion for budgetary support and project aid was $488.46 million.

China disbursed $54.93 million in during the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year. Saudi Arabia disbursed $300 million against the budgeted $800 million. The USA disbursed $9.95 million during the period under review against the budgeted 32.49 million for the current fiscal year. Korea disbursed $15.65 million and France $4.44 million during the first quarter of the current fiscal year.

The Asian Development Bank (ADB) disbursed $112.73 million out of $3.202 billion budgeted for the current fiscal year. The IDA $416.49 million against the budgeted $1.4 billion, IBRD $28.90 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $11.50 million against the budgeted $3.38 million for the current financial year.

Copyright Business Recorder, 2022