Pakistan borrowed $6.306 billion in the first seven months of fiscal year 2023-2024, surpassing the $6.134 billion borrowed in the same period last year, according to Economic Affairs Division (EAD) data.
In January 2024, the country received $331.59 million, compared to $294.54 million in January 2023.
The government intended to receive $2.4 billion from the IMF for 2023-24, receiving $1.9 billion of the $3 billion standby arrangement (SBA), which is not reflected in the EAD data. The United Arab Emirates paid out $1 billion, bringing total inflows to $9.206 billion.
Of the $6.306 billion, $2 billion came from Saudi Arabia as a term deposit in July 2023. No funds were received from foreign commercial banks, falling short of the planned $4.5 billion. The expected $1.5 billion from the bond issue remains unrealized.
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The government’s total budgeted inflow was $17.619 billion, including $595.09 million from the “Naya Pakistan Certificate”. Multilateral organizations contributed $2.408 billion and bilateral organizations $794.61 million, with non-project assistance amounting to $4.535 billion.
China paid $508.34 million for the JF-17B project, going over budget. ADB disbursed $620 million, less than the $2.086 billion budgeted. Saudi Arabia paid $595.18 million for the oil rig against the budgeted $600 million plus an additional $59.05 million.
The US grossed $25.67 million, surpassing the budgeted $21.60 million. Korea and France paid out $12.38 million and $30.64 million respectively.
IDA disbursed $1.058 million against a budgeted $1.489 billion and IBRD $125.58 million against $840.36 million. IsDB (short-term) disbursed $200 million against $500 million, AIIB $292.96 million and IFAD $23.12 million against $42.68 million
