The government borrowing to date from commercial foreign based banks in the current financial year (2015-16) is $1.4 billion - seven times higher what was budgeted for the year at $200 million - with fresh borrowing of $408 million from Switzerland-based financial group Credit Suisse, revealed the Economic Affairs Division (EAD).
The country provisionally received $5.4 billion ie 58 percent of budget estimates of foreign assistance from multilateral and bilateral donors in the current financial year (2015-16), inclusive of $1.4 billion loans from different banks and consortium of commercial banks. According to the EAD data, the government borrowed $408 million from Switzerland-based financial group Credit Suisse in the month of March for budgetary support. According to the documents, the government signed the agreement with Credit Suisse on March 29.
The government borrowed $250 million from consortium of commercial banks (SUISSE 2015) for budgetary support, $325 million from consortium of commercial banks (UBLGOP 2015) for budgetary support, $60.2 million from Dubai bank (commodity aid), $263.25 million from Noor Bank PJSC (Noor-2015) for budgetary support and $75 million from Noor Bank PJSC (Noor 2015-02) for budgetary support. Besides this, the government also borrowed $35 million from Eco Trade Bank (EC02015-1) as short term credit during the period under review.
The government has estimated foreign assistance of about $9.18 billion for 2015-16 including grants and loans which is higher by 12 percent than the revised estimates of 2014-15 and 23 percent higher than the budget estimates of 2014-15. According to the latest figures released by the EAD, the country provisionally received $762.16 million including $741.29 million loans and $20.87 million grants in the month of March against $161 million during the same period of last year.
The government has estimated foreign assistance of about $9.18 billion for 2015-16 including grants and loans which is higher by 12 percent than the revised estimates of 2014-15 and 23 percent higher than the budget estimates of 2014-15. Asian Development Bank (ADB) disbursed $721.81 million in the current fiscal year including $45.66 million in March against the budgeted estimates of $1020.4 million.
China is expected to be the largest single donor to Pakistan with a budgeted inflow of $3.05 billion. The country received $39.65 million from China in the month of March, bringing total disbursement to $615.66 million in the current financial year. International Development Association (IDA) released $52.54 million in March bringing the total disbursement to $708.79 million. UK disbursed $246 million in the current financial year.
USA disbursed $14.78 million and International Bank of Reconstruction and Development (IBRD) $22.03 million in the month of March, bringing the total disbursement to $129.19 million and $78.52 million respectively. IDB has disbursed $81 million in the current financial year so far. Kuwait has disbursed $48.66 million, Germany $31.98 million, IDB (S-Term) $684.81 million in the current fiscal year.
The government has received no assistance from Australia, EU, Italy, Norway and UNDP during the period under review. According to Bloomberg report dated February 2016 "about 40 percent of Pakistan's outstanding debt - both local and foreign - is due to mature in 2016, according to data compiled by Bloomberg. That's roughly $45 billion, of which about 4.3 trillion rupees ($41 billion) is in local currency. Since Sharif took the IMF loan, Pakistan's debt due by end-2016 has jumped about 79 percent."
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