The country provisionally received $7.608 billion ie 94 percent of budgeted estimates of foreign assistance from multilateral and bilateral donors in the current financial year (July-February) 2017-18. The country had received $4.87 billion during the same period (July-February) of 2016-17.
The Economic Affaires Division (EAD) data revealed that the government did not borrow from foreign commercial banks in February. The government has signed short-term commercial loan agreements of $1.917 billion in the current fiscal year 2017-18 so far with different foreign banks of which $1.78 billion have been received against the budgeted $1 billion for the entire current fiscal year.
The government also generated $2.5 billion by issuing Eurobonds and Sukkuk bonds. The government has budgeted foreign assistance of $8.094 billion for 2017-18 including $7.692 billion loans and $401.78 million grants. EAD data shows that foreign assistance of $259.97 million was received in February from multilateral and bilateral donors.
China disbursed $1.129 billion in the current fiscal year (July-February) 2017-18 (including $71.88 million in February) against the budgeted $1.595 billion for the entire year. China released $62.55 million for Sukkur-Multan (Peshawar-Karachi motorway) under the China Pakistan Economic Corridor (CPEC) in February and $9.34 million for the Neelam Jehlam hydro power project.
Asian Development Bank (ADB) disbursed $546.54 million in the current fiscal year 2017-18 including $48.92 million in February against the budgeted estimates of $1.221 billion, International Bank for Reconstruction and Development (IBRD) $98.69 million including $1.28 million in February against the estimated $60.65 million, IDB(S-Term) $873.96 million including $83.62 million in February against the estimated $1.550 billion, Asian Infrastructure Investment Bank (AIIB) $17.01 million, International Development Association (IDA) $220.58 million including $28.50 million in February against $975.27 million, Islamic Development Bank (IDB) $55.72 million, Japan $73.93 million, Saudi Arabia $40.24 million, UK released $134.70 million of grant, and USA released $42.91 million in the current fiscal year 2017-18 including $7.28 million in February against the budgeted estimates of $117.56 million.
The government has received no assistance from Italy, Korea, Norway, and UNDP during the current fiscal year (July-January) 2017-18. The government procured $500 million commercial loans from Industrial and Commercial Bank of China Limited (ICBC) and $32.66 million from Standard Chartered Bank (SCB)-London in January 2018; and procured $500 million commercial loans from Industrial and Commercial Bank of China Limited (ICBC) in October 2017.
The government signed an agreement to borrow $200 million commercial loans from Standard Chartered Bank (SCB)-London on October 31, 2017 and procured the entire amount including $32.66 million in January. Further $255 million was procured from the Credit Suisse-led consortium of banks, in the current fiscal year 2017-18. The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited. The country procured $267 million commercial loans from Citibank for budgetary support and $55.86 million from Dubai Bank in the current fiscal year.
Comments
Comments are closed.