ISLAMABAD: The government borrowed $439.32 million from multiple financing sources in the first two months (July-August) of current fiscal year 2022-23 compared to $2.376 billion borrowed during the same period of last fiscal year.

The country received no loans from foreign commercial banks during the first two months of current fiscal year 2022-23, compared to $363 million received during the same period of last year, shows the Economic Affairs Division data.

The government procured $252.25 million external loans in August 2022 compared to $780.88 million during the same month of last fiscal year.

The government has budgeted foreign assistance of $22.8 billion for the current fiscal year including $7.5 billion foreign commercial banks, $22.655 billion loans, and $161.46 million grants.

The country received $206.25 million from multilaterals and $233.07 million from bilateral during July-August 2022. The non-project aid was $243 million including $37.01 million for budgetary support and project aid was $196 million.

China disbursed $4.90 million in during the first two months against the government budgeted estimates of $49.02 million for the current fiscal year. Saudi Arabia disbursed $200 million against the budgeted$800 million. The USA disbursed $8.30 million during the period under review against the budgeted 32.49 million for the current fiscal year. Korea disbursed $15.65 million, and France $3.21 million during the first two months of current fiscal year.

The Asian Development Bank (ADB) disbursed $70.96 million out of $3.202 billion budgeted for the current fiscal year. The IDA $100.64 million against the budgeted $1.4 billion, IBRD $22.33 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $8.85 million against the budgeted $3.38 million for the current financial year.

Copyright Business Recorder, 2022