The Pakistan Tehreek-e-Insaf (PTI)-led government borrowed $160 million from foreign commercial banks in October, bringing the total to $399.5 million under this head in the current fiscal year (July-October) 2018-19, compared to $1.022 billion during the same period of last year.
The latest data of Economic Affairs Division (EAD) shows that the country provisionally received over $1.584 billion of the budgeted estimates of foreign assistance in the first four months (July-October) of current financial year 2018-19 against $2.45 billion during the same period of last year (2017-18), showing a reduction of about 36 percent.
The PML-N government had estimated foreign assistance of $9.69 billion for 2018-19 including $394.34 million grants and $9.297 billion loans, as shown in the EAD data.
The country received $11.486 billion against the budgeted assistance of $8.094 billion for 2017-18 including $3.716 billion from foreign commercial banks.
According to the latest figures, the country provisionally received $410.34 million including $402.69 million loans and $7.64 million grants in October.
The previous government had budgeted estimates of $2 billion from foreign commercial banks for 2018-19. The country received &159.5 million in October from Dubai Bank. According to the EAD data the loan agreement of $160 million was signed on September 26, 2018 by the PTI government of which $159.5 million has been received so far.
Earlier Noor Bank disbursed $20 million in July out of the total committed amount of $130 million. The loan agreement was signed on June 21, 2018 i.e. during the caretaker government.
The Suisse AG also disbursed $50 million out of its total commitment of $750 million in July. This loan agreement was signed during the PML-N government i.e. on May 9, 2018. However, no commercial loans were taken during August 2018.
The country received $170 million in September from consortium-led by Suisse AG, UBL and ABL. According to the EAD data the loan agreement of $200 million was signed on September 24, 2018 by the PTI government of which $170 million has been received so far.
Asian Development Bank (ADB) disbursed $31.73 million in October against the budgeted estimates of $1.38 billion.
The country received $101.85 million from China in October, bringing the total to $528.14 million in the current fiscal year against the budgeted estimate of $840.99 million. This amount includes $166 million for the Orange Line Metro Project, $94.86 million for the Sukkur-Multan section of China-Pakistan Economic Corridor's (CPEC), and $21.85 million for Havelian-Thakot road (CPEC) and $2.8 million for construction of cross border optical fiber cable system (CPEC) till September while $21.9 million was released for Havelian-Thakot KKH-II (CPEC), $66.91 million Sukkur-Multan motorway (CPEC) and $13.04 million for Orange Line Metro Project in October.
USA disbursed $28.5 million, International Development Association (IDA) $69.21 million, IDB (S-Term) $272.46 million, UK 51.14 million, France $31.16 million, Japan $17.45 million and Germany $4.51 million in the current fiscal year so far.