Pak secures $5.9 biln loans & grants from multilateral financial institutions & friendly countries for July-Dec period of this fiscal year 2023-24

ISLAMABAD, Jan 18 (SABAH): Pakistan has been able to secure $5.968 billion loans and grants from the multilateral financial institutions and friendly countries, according to the fiscal operations report for July-December period of this fiscal year 2023-24, released here on Thursday

Economic Affair Division (EAD), released the Foreign Economic Assistance Report which stated that Pakistan has been able to receive $2.245 billion from the international financial institutions during the July December period, against a total of $5.336 billion agreed for entire period. Pakistan has received $723.13 million from the friendly countries, against a total of $882.50 million agreed with the them for the entire fiscal year 2023-24.

Pakistan has also received $2 billion as Safe Deposits from Saudi Arabia for enhancing its foreign exchange reserves during the July-December period of this fiscal year.

International Monetary Fund (IMF) has released $700 million second installment to Pakistan, out of a total of $2.4 billion to be released to Pakistan till 31ist march 2024. However, Pakistan was unable to launch $1.5 billion Euro Bond in the internal financial centers of the country, planned to be launched in this fiscal year 2023-24, and it is expected that Pakistan to launch this bond during the month of April 2024.

Pakistan has not been able secure any funding from the International Commercial Banks during first half of this fiscal year 2023-24. Pakistan had agreed to receive $4.5 billion from these International Commercial Banks during this fiscal year; however, report revealed that Pakistan was unable to get a single dollar from International Commercial Banks during first half of this fiscal year.

According to the individual funding detail, Pakistan had agreed to receive $17.61 billion as loans and grants from IFI,s and friendly countries, and Pakistan has received $ 5.968 billion  during first half and remaining $11.651 billion to the received during the second half, January to June pf this fiscal year 2023-24. Pakistan has received $2.245 billion from the IFI during the first half of this fiscal year, out of a total of $3.913 billion during this fiscal year 2023-24.

Friendly countries have provided $723 million as loans and grants to Pakistan during the first half July-December period of this fiscal year and is expected to receive $153 million during January-June period of this fiscal year. Overseas Pakistanis have invested $491 million in Niyya Pakistan Certificate during the July-December period f this fiscal year.

Saudi Arabia has been able to provide $595.18 million as Saudi oil facility to Pakistan during this fiscal year 2023-24. According to the details of the official report, China has provided $508.34 million financial guarantee to Pakistan for Thunder air craft manufacturing.

Asian development bank has provided Pakistan to $598.43 million during first half, out of a total of $2.086 billion to be provided to Pakistan by end June 2024. World Bank has provided Pakistan $1.040 billion from it’s International Development Assistance (IDA), and $117.36 billion from International Bank for Re-constriction and Development (IBRD), operations during July-December period of this fiscal year 2023-24.

Asian Infrastructure Investment Bank (AIIB) $287 million to Pakistan during the first half of this fiscal year. Islamic Development Bank (IDb) has provided Pakistan 160 million, including $60 million from normal operations and $100 million from short term credit facility.

According to the Individual lending from the friendly countries, Saudi Arabia provided Pakistan $595 million as Saudi Oil Facility, China 42.18 million, France $20.15 million, Germany 10.63 million, Japan 17.34 million, Korea $12.38 million, Saudi Arabia 0.18 million, United States of America 25.09 million to Pakistan during July-December period of this fiscal year 2023-24.