Pakistan’s fiscal year 2023-24 witnessed a significant shortfall in its borrowing target. The country secured $9.811 billion from various financing sources, a figure starkly lower than the projected $17.619 billion. When incorporating inflows from the International Monetary Fund (IMF) and the United Arab Emirates (UAE), the total rises to $13.804 billion, still lagging behind the annual target.
In comparison, the country had borrowed $10.844 billion during the fiscal year 2022-23. The detailed data highlights that Pakistan received $2.257 billion in June 2024, a slight increase from the $2.231 million in June 2023. This amount includes a notable $999.04 million from foreign commercial banks.
The government had initially budgeted $2.4 billion from the IMF for the fiscal year 2023-24 but ultimately received $3 billion under the Stand-By Arrangement (SBA). However, the Economic Affairs Division (EAD) data does not reflect this inflow. Additionally, $1 billion disbursed by the UAE is not mentioned in the EAD data. Including these amounts, total inflows for the fiscal year would be $13.804 billion. The $9.811 billion figure also includes $2 billion received from Saudi Arabia under the time deposit category.
The government had estimated $4.5 billion from foreign commercial banks for the fiscal year 2023-24. However, only $999.04 million was received, specifically from the China Development Bank. Furthermore, the government had budgeted $1.5 billion from the issuance of bonds, but no bonds were issued, resulting in no funds being raised from this source during the fiscal year.
For the fiscal year 2023-24, the government had budgeted $17.619 billion from multiple financing sources, which included $17.384 billion in loans and $234.60 million in grants. Despite this, the actual amount received was significantly lower. Here is a breakdown of some key receipts:
The country received $1.104 billion during the fiscal year. Pakistan secured $4.279 billion.
The country received $919.43 million. Amounted to $6.777 billion, including $5.583 billion for budgetary support. Totaled $3.033 billion.
Several international partners contributed to Pakistan’s borrowing during the fiscal year:
Disbursed $508.34 million for the JF-17 B project funded by the China National Aero-technology Import and Export Corporation (CATIC). Additionally, China disbursed $69.14 million, exceeding the government’s budget of $18.54 million. Disbursed $1.327 billion, which is below the budgeted $2.086 billion. Provided $595.18 million under the oil facility against a budgeted $600 million and an additional $66.29 million. Disbursed $40.18 million, surpassing the budgeted $21.60 million.Contributed $35.64 million and $49.57 million, respectively.
