During fiscal year 2022-23, the government borrowed $10.844 billion from various funding sources, including $2.206 billion from foreign commercial banks, compared to $16.974 billion borrowed during the same time in 2021-22, representing a 37 percent decrease.
For fiscal year 2022-23, the government budgeted $22.817 billion in foreign aid, including $7.5 billion from international commercial banks.
However, the $10.844 billion does not include the rollover of $6 billion in friendly country deposits (three billion each from China and Saudi Arabia) and the re-financing of a $1.3 billion Chinese loan.
According to data from the Economic Affairs Division, the country borrowed $2.206 billion from foreign commercial banks for fiscal year 2022-23, including $1.306 billion in June 2023. The government projected $7.472 billion for borrowing from international commercial banks, but only $2.206 billion was realized, resulting in a $5.266 billion shortfall during fiscal year 2022-23.
During the same period of 2021-22, the country got $2.4.863 billion from foreign commercial banks.
During fiscal year 2022-23, the government got $1.166 billion from the International Monetary Fund (IMF). In contrast to previous practices, the EAD has also included IMF loans. If the IMF loan is eliminated, the country got $9.678 billion in the fiscal year 2022-23, compared to $16.974 billion in the fiscal year 2021-22, indicating a decrease in inflows.
In June 2023, the government obtained $2.231 billion in external loans. The country got $788.97 million under the heading “Naya Pakistan Certificate” throughout the fiscal year, including $46.03 million in June 2023.
During July-June 2022-23, the country received $5.224 billion from multilaterals, $1.458 billion from bilaterals, and $1.166 billion from the IMF. Non-project aid was $8.779 billion, with $7.419 billion for budgetary support and $2.064 billion for project aid. The Asian Development Bank (ADB) distributed $2.266 billion during the review period, compared to the $3.202 billion budget for fiscal year 2022-23. In June 2023, the ADB disbursed $229.91 million.
China spent $128.03 million for the fiscal year, but no money was received in June, despite a total budget of $49.02 million for the full fiscal year.
During the fiscal year 2022-23, Saudi Arabia spent $1.182 billion of the $800 million planned for the oil plant. The USA spent $31.13 million during the review period, compared to the $32.49 million allocated for the fiscal year. During fiscal year 2022-23, Korea spent $27.42 million while France spent $33.81 million.
During fiscal year 2022-23, the IDA disbursed $1.907 billion versus the budgeted $1.388 billion, including $429.33 million in June, the IBRD disbursed $290.06 million versus the budgeted $1.246 billion, and the Islamic Development Bank disbursed $16.81 million versus the budgeted $3.38 million.
In fiscal year 2022-23, the IsDB (short-term) disbursed $161 million. In 2022-23, AIIB disbursed $558.96 million, while ECO (Trade Bank) disbursed $64.59 million.
