Foreign debt of $ 3.898 billion contracted in 4 months – Business & Finance

ISLAMABAD: Pakistan incurred $ 3.898 billion in external debt from multiple funding sources in the first four months (July-October) of 2021-2022, including $ 866.43 million from foreign commercial banks (22 %) of total budgeted external loans of $ 14.088 billion for the entire fiscal year.

Data from the Ministry of Economic Affairs shows the government received $ 2.773 billion in non-project assistance in the first four months of the current fiscal year, including $ 2.308 billion in program / budget support, a credit short term of $ 446.31 million and TDP of $ 18.37 million.

A further $ 1.124 billion was received in project assistance during the reporting period.

The government has budgeted foreign aid estimates of $ 14.088 billion for the current fiscal year, including $ 13.871 billion in loans and $ 217.44 million in grants from multilateral and bilateral sources.

External inflows during the corresponding period (July-October) of fiscal year 2020-21 amounted to $ 3.255 billion including $ 566 million from foreign commercial banks against the budgeted amount of $ 12.233 billion.

The country received $ 692.57 million from multiple sources of funding in October 2021, of which $ 408.89 million from foreign commercial banks, or 59 percent.

Total revenues of $ 3.898 billion represent $ 1.869 billion from the multilateral, $ 120.20 million from the bilateral, $ 866.43 million from foreign commercial banks and $ 1.041 billion from bond issuance.

The government borrowed $ 866.43 million from foreign commercial banks in the first four months of the current fiscal year, including $ 215 million from Dubai Bank, $ 319.93 million from SCB (London) including ($ 138.39 million in October), $ 61 million to Ajman Bank PJSC and $ 270.50. million Swiss AG, UBL and ABL in October 2021.

Among the multilateral development partners, mainly the Asian Development Bank provided $ 581.01 million, the World Bank disbursed $ 791.91 million, the AIIB $ 37.77 million and the IDB (S-Term ) $ 446.31 million.

China did not pay any amount in the second consecutive month, namely October 2021; However, the country received $ 73.35 million in the first two months (July-August) of the current fiscal year, the United States $ 25.99 million, Korea $ 2.06 million, the United Kingdom $ 10.01 million and Germany $ 3.33 million.

Copyright Business Recorder, 2021

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