Mohsin Siddiqui (Chief Reporter)
The data further reveals that Pakistan received $331.59 million in January 2024, compared to $294.54 million in January 2023.
While the government had budgeted $2.4 billion from the International Monetary Fund (IMF) for FY2023-24 and received $1.9 billion of the $3 billion Stand-By Arrangement (SBA), this information is not reflected in the EAD data. Additionally, the $1 billion disbursed by the UAE is not mentioned. If these inflows are accounted for, total inflows during the first seven months of the fiscal year would reach $9.206 billion.
The $6.306 billion borrowed includes $2 billion received from Saudi Arabia under the category of time deposit in July 2023. However, no funds were received from foreign commercial banks during this period, despite the government budgeting $4.5 billion from this source for FY2023-24.
Furthermore, the government had budgeted $1.5 billion from the issuance of bonds, but as no bonds have been issued yet, no amount has been received.
In total, the government had budgeted $17.619 billion from multiple financing sources for FY2023-24, including $17.384 billion in loans and $234.60 million in grants.
Other notable disbursements include $595.09 million under the “Naya Pakistan Certificate” and $2.408 billion from multilateral sources, among others.
China disbursed funds for the JF-17 B project, while the Asian Development Bank (ADB) disbursed $620 million, compared to the budgeted $2.086 billion for FY2023-24.
Saudi Arabia disbursed funds under the oil facility, and other countries like the USA, Korea, and France also made disbursements during the fiscal year.
Multilateral institutions like the International Development Association (IDA), International Bank for Reconstruction and Development (IBRD), Islamic Development Bank (IsDB), Asian Infrastructure Investment Bank (AIIB), and International Fund for Agricultural Development (IFAD) also contributed to the funding.
Overall, Pakistan’s borrowing and aid disbursements reflect a complex financial landscape in the first seven months of FY2023-24.
