The country procured $458 million commercial loans from foreign banks in the first quarter (July-September) of the current fiscal year - 46 percent of the $ 1 billion it had budgeted for the entire year. Total external assistance for July-September 2017 amounted to $1.506 million (including $458 million commercial loans), revealed Economic Affairs Division (EAD).
The country procured $253 million commercial loans from Citibank in the first two months (July-August) and procured $205 million from Credit Suisse-led consortium of banks in September 2017 for budgetary support. The consortium consists of Credit Suisse AG, United Bank Limited and Allied Bank Limited.
The government budgeted $2.05 billion for 2016-17 but by the end of the year had borrowed $4.367 billion from foreign commercial banks. The government has budgeted foreign assistance of $8.094 billion for 2017-18 including $7.692 billion loans and $401.78 million grants.
China disbursed $239.75 million in the current fiscal year (July-September) 2017-18 against the budgeted $1.595 billion for the entire year. China released $120.4 million in September for Sukkur-Multan Motorway project under the China Pakistan Economic Corridor (CPEC) framework.
Asian Development Bank (ADB) disbursed $117.31 million in the first quarter of the current fiscal year 2017-18 including $38.38 million in September against the budgeted estimates of $1.221 billion, International Bank for Reconstruction and Development (IBRD) $59.85 million against the estimated $60.65 million, IDB(S-Term) $338.86 million against the estimated $1.550 billion, Asian Infrastructure Investment Bank (AIIB) $6.7 million, International Development Association (IDA) $58.77 million against $975.27 million, Islamic Development Bank (IDB) $53.65 million, Japan $21.97 million, Saudi Arabia $22.50 million, UK released $81.59 million under the head of grant, and USA released $21.07 million in the current fiscal year 2017-18 against the budgeted estimates of $117.56 million.
The government has received no assistance from EU, Italy, Korea, Norway, and UNDP during the first two months of the current fiscal year 2017-18.