Govt Borrowed $11.902 Billion in 11 Months of FY21

The federal government has borrowed $11.902 billion in loans from domestic and external sources during the first eleven months of the outgoing fiscal year.

Documents available with Propakistani showed that Pakistan has received $3.324 billion loans from multilateral organizations which include $1.28 billion from Asian Development Bank, $252 million from Asian Infrastructure Investment Bank (AIIB), $373 million from International Bank for Reconstruction and Development (IBRD), $850 million from International Development Association (IDA), $24.53 million from Islamic Development Bank (IDB), $507 million from IDB (S-term), $36 million from International Fund for Agricultural Development (IFAD), $35 million Multi-Donor Trust Fund (MDTF) and one million from OPEC Fund for International Development.

Meanwhile, the government has also received grants of $45.31 million from multilateral organizations such as the $3 million from the European Union, $2.37 million from ADB, $0.50 million from IFAD, and $39.77 million from MDTF.

Documents state that the government received loans of $230 million from bilateral sources including $177 million from China, $39.22 million from France, $0.80 million from Germany, $0.85 million from Japan, $4.67 million from Korea, $6.03 million from Kuwait and $1.01 million from Saudi Arabia.

On the other hand, some countries including the USA, UK, Saudi Arabia, Oman, Japan, and Germany also provided a $186.36 million grant to Pakistan from July to May 2021.

The commercial banks have lent $3.609 billion besides the government has also raised $2.500 billion from bonds as well as $1 billion from the safe deposit, the documents showed.

Documents overall stated that the government has received $12.135 billion in loans and grants against the total budget estimate of $12.233 billion.

Source: Pro Pakistani