Pakistan tentatively received $7.747 billion equivalent to 96% of depicted estimates of foreign money by multilateral and bilateral patrons in the ongoing financial year. (July-May)
The EAD (Economic Affairs Division) data mentioned that government took $1.545 billion from different banks in only the month of May 2017.
The China Development Bank (CDB) gave $ 1 billion for the support of budget in May. Moreover, the government took $415 million from Switzerland-based group of finance, Credit Suisse and $130 million by the Noor Bank PJSC from the same support option in May.
Previously in March, the government borrowed $115 million from the same, Noor Bank PJSC for budgetary support. It is to note that an additional $300 million were taken on loan from Industrial and Commercial Bank of China Limited in January. Whereas, $200 were on loan from Noor Bank PJSC for budgetary support and $700 from China Development Bank for non-project aid in the month of September.
Also, the government took on loan $22.64 million from AIIB – Asian Infrastructure Investment Bank in the ongoing financial year which was not accounted per the data of EAD.
The data mentions that government took $5 million from Eco Trade Bank in February which was not accounted. Furthermore, the government initiated Sukuk of $1 billion for 6.5% return.
The EAD data mentioned that Pakistan got $7.747 billion for July – May for $6.23 billion for the same period of last year, seeing a rise of $1.514 billion.
In 2016-17, the government budgeted overseas assistance for $7.998 billion with grants and loans which in 2015-16 was $9.18 billion.
The country got $1.852 billion for the month of May inclusive $1.846 billion loans and grants worth $5.92 million. The last figures mention that the tentatively got $7.354 billion loans and grants worth $393.39 million for the current fiscal year.
The country got from China an amount of $1.327 billion in the ongoing fiscal year with #153.91 million for May compared to the forecasted $572.3 million for the current fiscal year. The country got $976.43 million from China during last year for the same time.
ADB – Asian Development Bank spent $940.11 million in the ongoing financial year inclusive of $25.79 million in May for the accounted estimations of $1048.2 million for the year which was 89%.
International Development Association (IDA) spent $543.34 million with $63.62 million for May which is 37% of the planned approximations of $1.448 billion, IDB (S-Term) paid $350 million which is 77 percent of the budgeted estimates of $452 million and USA disseminated $77.43 million plus $4.6 million in May that is 69% of the planned estimates of $111.41 million.
Multi Donor Trust Fund (MDTF) spent $34.50 million in ongoing financial year compared to the planned estimates of $38.59 million.
The country got no aid from France, Korea, Norway, Oman, Saudi Arabia and UNDP.
Author: Muneel Ali
A little too much known for his rigorous yet exceptional, expository yet artistic and descriptive yet engaging writing style; Muneel is a die-hard professional of writing blogs, web articles, SEO friendly content, story-board script and all the formal types. He has a sheer love for adding unique flavor to each of his works, the client-type.