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Pakistan Received $9.76 Billion in Foreign Aid & Loans in 11 Months of FY2019
Pakistan provisionally received over $9.76 billion of foreign assistance in the first eleven months (July-May) of the financial year 2018-19 against $10.448 billion during the same period of 2017-18.
The Pakistan Tehreek-e-Insaf-led government borrowed $543.96 million from foreign commercial banks in May, bringing the total to $3.727 billion under this head in July-May 2018-19, compared to $3.494 billion borrowed during the same period of 2017-18.
This does not include the $5 billion in deposits from friendly countries.
The PML-N government had budgeted foreign assistance of $9.69 billion for 2018-19 including $394.34 million grants and $9.297 billion loans, as shown in the EAD data.
The country received $11.486 billion against the budgeted assistance of $8.094 billion for 2017-18 including $3.716 billion from foreign commercial banks.
According to the latest data from EAD, the country received over $9.76 billion of foreign assistance in July-May period of the year 2018-19 including $9.5 billion in loans and $263 million grants during eleven months of 2018-19.
The amount of borrowing exceeded the budgeted level in eleven months. The country provisionally received $874 million in May.
The Asian Development Bank (ADB) disbursed $453.23 million in the first eleven months of the fiscal year 2018-19 against the budgeted estimates of $1.38 billion.
Pakistan received $2.13 billion from China in 2018-19 against the budgeted estimate of $840.99 million. The USA disbursed $70.51 million, International Development Association (IDA) $288 million, UK $80.4 million, France $66.57 million, and Germany offered $34.14 million.
Saudi Arabia and Japan provided $59.89 million and $62.10 million respectively during July to May period of the year 2018-19.
Foreign commercial loans exceeded the annual estimate of $2 billion as the government borrowed $271.5 million from Ajman Bank PJSC. A consortium of Credit Suisse AG, UBL and ABL gave an additional $200 million last month, taking the total loans in the past 11 months to $495 million.
Noor Bank released $222.5 million, taking its total disbursements to $242.5 million in 11 months.
The Islamic Development Bank (IDB) has given a loan of $648.07 million during 11 months. China Development Bank (CDB) disbursed $2.234 billion and Industrial and Commercial Bank of China (ICBC) provided $300 million in the fiscal year 2018-19.
Source: Pro Pakistani