According to Economic Affairs Division (EAD) data, the country borrowed $3.206 billion from various financial sources during the first two months (July-August) of the current fiscal year 2023-24, compared to $439.32 million borrowed during the same period in 2022-23.
According to the data, the country received $316.14 million in August 2023, up from $252.25 million in August 2022.
The government budgeted $2.4 billion from the IMF for fiscal year 2023-24 and got $1.2 billion as the first tranche of the $3 billion Stand-By Arrangement (SBA) in July 2023, but the EAD data does not reflect it.
Furthermore, there is no mention of the UAE’s $1 billion contribution. If IMF and UAE inflows are included, total inflows for the first two months of the current fiscal year are $5.405 billion.
The $3.206 billion includes a $2 billion time deposit from Saudi Arabia in July 2023.
The statistics also revealed that the government had allocated $4.5 billion in borrowing from foreign commercial banks for the current fiscal year 2023-24, but no money was borrowed under this category in July or August.
The government budgeted $1.5 billion for bond issuance, however, the country has yet to issue bonds, hence no money has been collected under this account.
For the current fiscal year, the government projected $17.619 billion from various financial sources, including $17.384 billion in loans and $234.60 million in grants.
During the fiscal year 2022-23, the country borrowed $10.844 billion from various financing sources, including $2.206 billion from foreign commercial banks, compared to the $22.817 billion allocated for foreign assistance.
However, the $10.844 billion figure does not include the rollover of $6 billion in friendly country deposits (three billion from China and three billion from Saudi Arabia) and the re-financing of $1.3 billion in Chinese loans.
During the first two months of the current fiscal year 2023-24, the government got $140.82 million under the heading “Naya Pakistan Certificate”.
During July-August 2023-24, the country received $335.87 million from multilateral and $221.36 million from bilaterals. Non-project aid totaled $2.446 billion, comprising $2.149 billion in budgetary support, with project aid totaling $759.95 million.
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China received $508.34 million under the heading guaranteed for the China National Aero-technology Import and Export Corporation (CATIC)-funded JF-17 B project. However, China disbursements were zero in July and August, compared to the $18.54 million budgeted for the current fiscal year.
The Asian Development Bank (ADB) disbursed $38.78 million during the review period, compared to the $2.086 billion budget for fiscal year 2023-24.
Saudi Arabia disbursed $200 million against the budgeted $600 million under the head of oil facility during July-August 2023-24. The USA disbursed $11.64 million in the first two months against the budgeted $21.60 million for the fiscal year. Korea disbursed $4.85 million and France $1.28 million during the current fiscal year.
IDA disbursed $161.07 million in July-August against the budgeted $1.489 billion for the current fiscal year and IBRD $16.47 million against the budgeted $840.36 million. IsDB (Short-term) disbursed $97.10 million in July-August against the budgeted $500 million for the current fiscal year and AIIB disbursed $16.07 million, while IFAD disbursed $6.38 million against the budgeted $42.68 million for the current fiscal year.
