Pakistan obtained $14.2 billion foreign loans from various banks and $5.77 billion from the International Monetary Fund (IMF) during last five years. The country received $3.44 billion under the Coalition Support Fund from the United States of America (USA) during last three years. Finance Minister Ishaq Dar told National Assembly on Monday in his written replies to questions of the members of the House.
Dar said Pakistan has obtained $5.04 billion from the World Bank (IDA), $3.24 billion from the Asian Development Bank, $2.53 billion from Islamic Development Bank (short-term), $1.36 billion from consortium of banks led by Credit Suisse, $688.35 million from the Islamic Development Bank, $458.94 million from the World Bank (IBRD), $440 million from consortium of banks led by Noor Bank, $272.64 million from Standard Chartered Bank (London), $70 million from Dubai Islamic Bank and $65 million from ECO Trade Bank.
The minister said Pakistan received $1.05 billion Coalition Support Fund in financial year 2013-14, $1.45 billion in 2014-15 and $937 million in 2015-16. He said the receipts under CSF become a part of the Federal Consolidated Fund, therefore head-wise utilisation of the fund is not possible. He said however, the indicative budget ceiling made under the CSF to defence forces for the last three years is Rs 67 billion in 2013-14, Rs 123 billion in 2014-15 and Rs 80 billion in financial year 2015-16.
In another written reply, the minister told the House that the government has obtained loans from Japan, the Asian Development Bank (ADB), the World Bank and the International Monetary Fund (IMF). He said Japan Programme Loan Agreements were signed between Pakistan and Japan for Energy Sector Reforms Programme during 2014 and 2016, respectively. He said a Loan Agreement for 5 billion yen (equivalent to $50 million approx) for Energy Sector Reform Program (II) (DPC-I) was signed on 4-6-2016 between Pakistan and Japan.
He said another loan agreement for 5 billion yen (equivalent to $43 million approx) for Energy Sector Reform Program (II) (DPC-H) was signed on 2-2-2016 between Pakistan and Japan. He said the main objective of the program is to revamp the energy sector as reliable, sustainable, and affordable through the implementation of the energy sector reform related to three policy areas; managing tariff and subsidy, improving sector performance and opening the market to private sector participation and achieving accountability and transparency.
He said $50 million (1st tranche) and $43 million (2nd tranche) was disbursed on 15-6-2014 and 23-2-2016, respectively. The Finance Division is the custodian of Energy Sector Reforms Programme. About the ADB loan, Dar said four programme loans have been signed with the Asian Development Bank for reforms during the last five-years; (i) Sustainable Energy Sector Reform Program (Sub-program-I/Development Policy Credit-I) loan amounting to $399.16 million was signed on 28-04-2014 for Finance Division. (ii) Public Sector Enterprises Reforms Project Loan amounting to million was signed on 28-04-2014 for the Finance Division. (iii) Public Sector Enterprises Reforms Project Loan amounting to $18.7 million was signed on 27-01-2015 for Finance Division and (iv) Sustainable Energy Sector Reform Program (Sub-program-2/Development Policy Credit-2) Loan amounting to $393.99 million was signed on 26-11-2015 for the Finance Division.
About the World Bank, the minister said Pakistan obtained foreign loans from the WB to introduce reforms as (i) $43.5 million for Tax Administration Reforms (ii) $600 million for Power DPC-I, (iii) $500 million for Power DPC-II, (iv) $400 million Growth DPC-I and (v) $500 million for Growth DPC-II.
He said Pakistan has obtained foreign loans worth $1.653 billion in 2014, $2.61 billion in 2015 and $1.51 billion in 2016. He said loans obtained from the IMF by the government were to introduce reforms in departments; the State Bank of Pakistan (SBP), the Federal Board of Revenue (FBR), Discos, Gencos, Nepra (through Ministry of Water and Power), petroleum concessions (through Ministry of Petroleum & Natural Resources) P1AC, Pakistan Steel, SLIC, etc.
However, the minister said that it may be noted that during this period $4415.2 billion were returned to the IMF as repayment. To another written reply, the Finance Minister said Pakistan received $2.42 billion assistance during last three years. He said Pakistan received this amount for projects in terms of road sector, energy sector, flood sector, water/irrigation sector, urban development sector, public sector and social sector.
In reply to another question, the minister told the assembly that Zarai Taraqqiati Bank Limited (ZTBL) disbursed Rs 90.98 billion loans to agriculture sector. He said the ZTBL has given Rs 74.3 billion to Punjab, Rs 12.2 billion to Sindh, Rs 3.64 billion to Khyber Pakhtunkhawa, Rs 248.9 million to Balochistan, Rs 312.6 million to Gilgit-Baltistan and Rs 296 million to AJK.
Answering another question, the minister said Rs 317.46 billion were given to provinces under the head of GST and other taxes levied on petroleum products during 2015-16. He said Rs 161.42 billion have been given to Punjab, Rs 76.59 billion to Sindh, Rs 51.09 billion to Khyber Pakhtunkhawa and Rs 28.36 billion to Balochistan.
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