Jul-Jan FY22: $12.02 billion external debt incurred – Business and finance

ISLAMABAD: Pakistan incurred $12.02 billion in external debt from multiple funding sources in the first seven months (July-January) of 2021-22, including $2.623 billion from foreign commercial banks (21 .8%) against total budgeted external lending of $14.088 billion for the entire fiscal year.

The Economic Affairs Division (EAD) released data on Wednesday, which shows the government received $2.590 billion from multiple funding sources in January 2022.

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-January) of FY 2020-21 were $6.661 billion, including $2.730 billion from foreign commercial banks against the budgeted amount of $12.233 billion.

The total receipt of $12.02 billion represents $3.329 billion from multilateral, $196.17 million from bilateral, $2.623 billion from foreign commercial banks and $2.041 billion from bond issuance and $3 billion term deposit from Saudi Arabia.

Non-project aid was $9.511 billion and project aid was $1.679 billion.

State-guaranteed loans amounted to $832.53 million in the first seven months of 2021-22.

The government borrowed $2.623 billion from foreign commercial banks in the first seven months of the current fiscal year, including $1.140 billion from Dubai Bank, $487.26 million from SCB (London), $61 million from Ajman Bank PJSC, $343.50 million from Suisse AG, UBL and ABL. , and $591.25 million from Emirates NBD, which was borrowed in January 2022.

Among the multilateral development partners, mainly Asian Development Bank (AfDB) provided $1.092 billion, World Bank disbursed $1.001 billion, AIIB $38.77 million, IDB $66.24 million and IDB (S-Term) $1.086 billion.

China disbursed $100.80 million in the first seven months (July-January) of the current fiscal year, the United States $45.27 million, Korea $3.36 million, the Kingdom United $14.54 million and Germany $12.25 million.

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