Pakistan receives 1,571 billion foreign rupees in 10 months

ISLAMABAD: Pakistan has so far secured external inflows of $ 10.19 billion (1.571 billion rupees) from all multilateral and bilateral creditors and by lifting international obligations in the first 10 months (July-April ) of the current fiscal year 2020-2021.

Out of $ 10.19 billion, Islamabad received a significant share of $ 9.97 billion in foreign loans from all creditors and only got $ 222 million in grants in the first 10 months of the current fiscal year. The government had envisaged total external inflows of $ 12.233 billion for the entire 2020-2021 fiscal year, both in the form of loans and grants. Almost a third, to the tune of $ 3.246 billion, has been raised through expensive commercial borrowing so far in the current fiscal year. Commercial loans from banks are used as bridge financing to meet overall external financing needs.

Out of total inflows of $ 10.19 billion, Pakistan was able to secure disbursements of $ 3.07 billion in the first 10 months of the current fiscal year. The Asian Development Bank disbursed $ 1.256 billion, the Asian Infrastructure Investment Bank (AIIB) $ 252 million, $ 2.67 million, the WB’s BIRDS $ 371.26 million, the WB IDA loan of $ 589.6 million, IDB $ 26 million, IDB (short term) $ 502.74 million, IFAD $ 34.5 million and MTDF $ 39.5 million. Bilateral creditors disbursed $ 376.5 million, including China $ 147.5 million, France $ 38.9 million, Germany $ 16.19 million, Japan $ 15.57 million, Korea $ 4.27 million, Kuwait $ 6.03 million, Saudi Arabia $ 1.22 million, the United Kingdom $ 47.99 million, and the United States $ 98.07 million .

Multilateral and bilateral creditors jointly disbursed $ 3.449 billion in the first 10 months of the current fiscal year. The government has raised Eurobond to $ 2.5 billion in the current fiscal year. Against the $ 1 billion envisaged by Saudi Arabia in the form of a short-term loan, the government has so far received no amount. However, there was $ 1 billion in safe deposits.

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