July-March 2021-22: the country contracts an external debt of 12.767 billion dollars – Business & Finance

ISLAMABAD: Pakistan incurred $12.767 billion in external debt from multiple sources of funding in the first nine months (July-March 2021-22) including $2.623 billion from foreign commercial banks (20.5%) against total budgeted external lending of $14.088 billion for the full year.

The Economic Affairs Division (EAD) on Wednesday released data that shows the country received $588.97 million from multiple funding sources in March 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-March) of FY 2020-21 were $7.413 billion including $3.120 billion from foreign commercial banks against the budgeted amount of $12.233 billion.

The total receipt of $12.767 billion constitutes $3.949 billion from multilateral, $320.43 million from bilateral, $2.623 billion from foreign commercial banks and $2.041 billion from bond issuance and $3 billion Saudi Arabia term deposit.

Non-project aid was 10.114 billion dollars including 8.882 billion dollars for budget support and project aid was 1.820 billion dollars. Secured loans amounted to $531.01 million in the first nine months of 2021-22.

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

Among the multilateral development partners, mainly the Asian Development Bank provided $1.436 billion, the World Bank disbursed $1.122 billion, the AIIB $38.87 million, the IDB $68.16 million and the IDB (S-Term) $1.207 billion. China disbursed $102.05 million in the first nine months (July-March) of the current fiscal year, the United States $60.85 million, Korea $4.06 million, the Kingdom United $14.54 million and Germany $12.36 million.

Copyright Business Recorder, 2022

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