First-quarter government external borrowing climbs to $2.234 billion

ISLAMABAD: The government borrowed $2.234 billion from multiple financing sources including $1.166 billion from the International Monetary Fund (IMF) during the first quarter (July-September) of the current fiscal year 2022-23 against $3.204 billion borrowed during the same period of last fiscal year.

The country received no loans from foreign commercial banks in the first quarter of the current fiscal year 2022-23, compared to $457.54 million received in the same period last year, according to the data. of the Economic Affairs Division.

Contrary to past practice, the EAD also listed borrowings from the IMF.

The government contracted external loans of $625.85 million in September 2022, compared to $826.41 million in the same month of the previous fiscal year.

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

Foreign debt will reach $140.9 billion (IMF)

The country received $682.30 million from multilaterals and $385.99 million from bilateral agreements and $1.166 billion from the IMF between July and September 2022. Non-project aid was $1.834 billion, of which $1.323 billion for budget support and project aid was $488.46 million.

China shelled out $54.93 million in the first quarter compared to the government’s budget estimate of $49.02 million for the current fiscal year. Saudi Arabia disbursed $300 million of the $800 million budgeted. The United States disbursed $9.95 million during the period under review compared to the $32.49 million budgeted for the current fiscal year. Korea shelled out $15.65 million and France $4.44 million in the first quarter of the current fiscal year.

The Asian Development Bank (AfDB) has disbursed $112.73 million out of the $3.202 billion budgeted for the current fiscal year. IDA disbursed $416.49 million of the budgeted $1.4 billion, IBRD disbursed $28.90 million of the budgeted $1.246 billion and the Islamic Development Bank disbursed $11.50 million of the $3.38 million budgeted for the current fiscal year.

Copyright Business Recorder, 2022

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