$1.799 billion procured from foreign commercial banks in 1H

The government procured $1.799 billion from foreign commercial banks (around 31 percent) out of total external loans of $5.782 billion in the first half (July-Dec) of 2019-20 and around 77 percent more than the comparable period of last year ($2.313 billion).

According to the Economic Affairs Division (EAD) data released here on Tuesday the government received $2.71 billion from multilateral and bilateral donors during December 2019.

The government budgeted foreign assistance of $12.957 billion for the current fiscal year including $2 billion foreign commercial loans. The country received $2.865 billion from multilaterals (excluding the $1.44 billion from IMF) and $710 million bilaterally during July-December 2019-20.

Further $407.50 million were received under the head of Saudi Arabia-short term (Saudi oil facility) in the current fiscal year so far against the budgeted $3.2 billion.

According to EAD, the government borrowed $1.799 billion from foreign commercial banks in the first half of the current fiscal year compared to $499.44 million during the same period of last year. The government procured $749.50 million from foreign commercial banks during December 2019 including $700 million from China Development Bank and $49.50 million from Dubai Bank.

Dubai Bank disbursed $197.99 million and Ajman Bank $66.69 million in November. The country received $88.92 million from Ajman Bank and $155 million from the consortium-led by Suisse AG, UBL and ABL in October. Dubai Bank had also disbursed $193.05 million in September. Citibank disbursed $148.2 million in August. The country also borrowed $123.31 million from Dubai Bank and $50 million from a consortium of Credit Suisse in July.

China disbursed $59.49 million in December bringing the total to $391.76 million in the current fiscal year 2019-20. China disbursed $59.01 million for Havelian-Thakot road project in December. Further, China disbursed $2.91 million for construction of cross border optical fibre. Earlier, $133.02 million was released for the Havelian-Thakot road project, $140.16 million for the Sukkur-Multan motorway, $13.86 million for the Orange Line Metro project and $8.20 for Neelum Jehlum Hydro power project.

The Islamic Development Bank has disbursed $408.21 million in the current fiscal year so far out of the total budgeted amount of $1.1 billion for the current fiscal year.

Asian Development Bank (ADB) disbursed $2.156 million, United Kingdom (UK) $121.71 million, IDA $201.66 million, IBRD $63.26 million, International Fund for Agricultural Development (IFAD) $28.19 million, USA $34.76 million and Japan $24.53 million in the first half of the current fiscal year.