The country provisionally received $5.27 billion ie 65 percent of budgeted estimates of foreign assistance from multilateral and bilateral donors in the current financial year (July-March), mainly because of $1.315 billion loans from commercial banks. The Economic Affairs Division (EAD) data revealed that the government borrowed $115 million in the month of March from Noor Bank PJSC for budgetary support, over and above the $200 million borrowed from the bank in September, bringing the borrowing from commercial banks to $1.315 billion in the current financial year.
The government borrowed $300 million from Industrial and Commercial Bank of China Limited in the month of January. The Ministry of Finance has finalized arrangements for $600 million commercial loan from two Chinese banks to be utilised for balance of payments and budgetary support and received $300 million in January.
Further the country borrowed $700 million from China Development Bank as non-project aid during the month of September. In addition, the government issued Sukuk of one billion dollars at a 6.5 percent rate of return during the period under review. The government has also borrowed $19 million from Asian Infrastructure Investment Bank (AIIB) in the current financial year which was not budgeted as per the EAD data. The data shows that the government borrowed $5 million from the Eco Trade Bank in the month of February which was also not budgeted.
The EAD data shows that country received $5.271 billion in the current fiscal year against $5.402 billion during the same period of last year showing a decline of $131 million. The government has budgeted foreign assistance of $7.998 billion for 2016-17 including grants and loans against $9.18 billion budgeted for 2015-16. The budgeted estimates include a significant amount of $2.005 billion from commercial banks for 2016-17.
The country received $192.13 million in the month of March including $179.66 million loans and $12.46 million grants. The latest figures show that the country provisionally received $4.926 billion in loans and $345.58 million grant in the current fiscal year.
Pakistan received $1.033 billion from China in the current fiscal year including $0.75 million in the month of March against the budgeted $572.3 million for the current financial year. The country had received $615.66 million from China during the same period of last year.
Asian Development Bank (ADB) disbursed $851.48 million in the current financial year including $30.47 million in the month of March against the budgeted estimates of $1048.2 million for the current fiscal year ie 81 percent. International Development Association (IDA) disbursed $156.19 million including $9.69 million in the month of March ie 10 percent of the budgeted estimates of $1.468 billion, IDB (S-Term) disbursed $327 million ie 72 percent of the budgeted estimates of $452 million and USA disbursed $69.16 million including $6.88 million in the month of March ie 62 percent of the budgeted estimates of $111.41 million.
International Bank for Reconstruction and Development (IBRD) disbursed $177.47 million including $23.14 million in the month of March against the budgeted estimates of $62.48 million for the current fiscal year, UNHCR disbursed $0.65 million, IDB $63.47 million, Japan disbursed $42.8 million against the budgeted $77.13 million for the current fiscal year and UK released $139.97 million including $3.27 million in March. EU disbursed $17.84 million in the current financial year against the budgeted estimates of $51.12 million.
Multi Donor Trust Fund (MDTF) disbursed $1.1 million in March under the head of grant, bringing the total disbursement to $17.04 million in the current fiscal year against the budgeted estimates of $18.75. The country received no assistance from France, Korea, Norway, Oman, Saudi Arabia, UNDP and Organization of the Petroleum Exporting Countries (Opec) during the period under review.
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