ISLAMABAD: The government received 0.8 percent of the total budgeted non-project (budget support) assistance by multilaterals and bilaterals in July 2024 – $128.93 million against the budgeted $15986.21 million for 2024-25 while 9 percent of the total budgeted project assistance was received in July - $307.46 million was disbursed against the budgeted estimate of $3406.95 million.
The country borrowed $436.39 million from multiple financing sources during the first month (July) of the current fiscal year 2024-25 compared to $2.890 billion borrowed during the same period of 2023-24, revealed the Economic Affairs Division (EAD) data.
The government has budgeted $19.393 billion from multiple financing sources for the fiscal year 2024-25 including $19.216 billion loans and $176.29 million grants. However, this does not include the expected US 7 billion dollars pending the International Monetary Fund (IMF) Board approval.
July-May of FY 2023-24: $7.547bn borrowed from multiple financing sources
Time deposits were budgeted at $9 billion including $5 billion KSA time deposit and $4 billion SAFE China deposit for the current fiscal year, however, there was no disbursement under these two heads in July. There is also no mention of assistance from UAE in data released by the EAD.
The sum of $3.779 billion was budgeted from foreign commercial banks for the fiscal year 2024-25 however there was no disbursement under this head in July either. The government budgeted $1 billion from the issuance of bonds but the country did not issue any bonds last month and hence no amount was received during the first month of 2024-25.
The country received $127.70 million in July under the head of “Naya Pakistan Certificate” and $201.01 million from multilaterals and $107.68 million from bilaterals in July 2024. Non-project aid was $128.93 million including $1.23 million for budgetary support while project aid was $307.46 million.
The Asian Development Bank (ADB) disbursed $54.05 million during the period under review compared to the budgeted $1.651 billion for the fiscal year 2024-25 – 3.2 percent.
IDA disbursed $111.88 million in July against the budgeted $1.525 billion for the fiscal year 2024-25 and IBRD $20.54 million against the budgeted $550.22 million. The IsDB (short-term) did not disburse any amount in July, however, the government budgeted $500 million for the fiscal year 2024-25; AIIB disbursed $8.54 million, while IFAD disbursed $4.54 million against the budgeted $40.45 million for the fiscal year 2024-25.
China disbursed $96.76 million in July against the government budgeted estimates of $134.18million for the fiscal year 2024-25. Saudi Arabia disbursed $2.69 million in the first month of fiscal year 2024-25 against the budgeted estimates of $146.54 million for the entire fiscal year. The USA disbursed $4.42 million in the first month against the budgeted $20.87 million for the fiscal year 2024-25.
Copyright Business Recorder, 2024