Pakistan Receieved $7.1 Billion Foreign Loans in FY24

During the first ten months (July-April) of fiscal year 2023-24, Pakistan borrowed $7.142 billion from various financing sources, compared to $8.123 billion during the same period in 2022-23, according to data from the Economic Affairs Division (EAD).

In April 2024 alone, the country received $237.24 million, down from $358.61 million in April 2023. The government had budgeted $2.4 billion from the International Monetary Fund (IMF) but received $3 billion under the Stand-By Arrangement (SBA), which the EAD data does not reflect. The data also omits the $1 billion disbursed by the UAE. Including these amounts, total inflows would reach $11.142 billion for the ten-month period.

Read more: Pakistan And IMF Begin Discussions On Economic Reforms And A New Loan Program

Among the inflows, $2 billion came from Saudi Arabia in July 2023 as a time deposit. Although $4.5 billion was budgeted from foreign commercial banks for FY24, none was received. Similarly, no funds were received from the planned $1.5 billion bond issuance.

The government budgeted $17.619 billion from multiple sources for the fiscal year, including $17.384 billion in loans and $234.60 million in grants. The country received $889.43 million through the “Naya Pakistan Certificate” during the ten months.

Additionally, Pakistan received $2.866 billion from multilateral and $877.76 million from bilateral sources. Non-project aid amounted to $4.842 billion, including $3.697 billion for budgetary support, while project aid totaled $2.300 billion.

China disbursed $508.34 million for the JF-17 B project and $67.39 million against the budgeted $18.54 million. The Asian Development Bank (ADB) disbursed $708.30 million versus the budgeted $2.086 billion.

Saudi Arabia provided $595.18 million for an oil facility and another $62.03 million. The USA disbursed $37.02 million against a budgeted $21.60 million, Korea $26.61 million, and France $41.66 million. The IDA disbursed $1.353 million against the budgeted $1.489 billion, the IBRD $171.67 million against $840.36 million, the IsDB (Short-term) $200 million against $500 million, AIIB $309.95 million, and IFAD $26.29 million against $42.68 million.