ISLAMABAD: The country borrowed $1.723 billion from multiple financing sources during the first four months (July-October) of the current fiscal year 2024-25 compared to $3.847 billion borrowed during the same period of 2023-24, revealed the Economic Affairs Division (EAD) data.
The $1.723 billion does not include the first tranche of $1.03 billion, received from the International Monetary Fund (IMF). If the IMF inflows added, total inflows would reach $2.753 billion during the first four months of the current fiscal year.
The data revealed that government has budgeted time deposits of $9 billion including $5 billion KSA time deposit and $4 billion SAFE China deposit for the current fiscal year, however, no money was received in the first four months (July-October) under this head. There is also no mention of assistance from the UAE.
$1.3bn borrowed from multiple financing sources in Q1
The government had 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 any amount from the IMF.
The data further showed that the government had budgeted $3.779 billion from the foreign commercial banks for the fiscal year 2024-25. The country received $200 million under this head in September, but there is no mention from which foreign commercial bank the country received the loans.
The country did not borrow from commercial banks in October, as per EAD data. The government has also budgeted $1 billion from the issuance of bonds; however, as the country did not issue the bonds, hence no amount was received during the first four months of 2024-25. The country received $414.87 million in October 2024 from different sources.
The country received $542.15 million under the head of the “Naya Pakistan Certificate” during the first four months of current fiscal year 2024-25 including $167.37 million in October.
The country received $980.88 million from multilaterals and $259.89 million from bilateral during July-October 2024. The non-project aid was $896.96 million including $254.81 million for budgetary support and project aid was $826.07 million during the first four months of current fiscal year.
The Asian Development Bank (ADB) disbursed $173.05 million during the period under review compared to the budgeted $1.651 billion for the fiscal year 2024-25.
The IDA disbursed $266.64 million in July-October against the budgeted $1.525 billion for the fiscal year 2024-25 and IBRD $97.19 million against the budgeted $550.22 million.
The IsDB (Short-term) disbursed $100 million during the first four months of the current fiscal year against $500 million for the fiscal year 2024-25 and AIIB disbursed $17.41 million, while IFAD disbursed $15.55 million against the budgeted $40.45 million for the fiscal year 2024-25.
China disbursed $97.58 million during July-October. The government has budgeted $134.18 million from China for the fiscal year 2024-25.
Saudi Arabia disbursed $6.35 million in the first four months of fiscal year 2024-25 against the budgeted $76.02 million for the entire fiscal year. The USA disbursed $37.72 million in the first four months of the current fiscal year against the budgeted $20.88 million for the fiscal year 2024-25.
Copyright Business Recorder, 2024