Pakistan received $1.82 billion in foreign loans and assistance during the first quarter of the fiscal year 2025–26 (FY26), according to data released by the Economic Affairs Division (EAD). The inflows included bilateral and multilateral loans, grants, and investments through Naya Pakistan Certificates.
Between July and September, Pakistan secured $19.37 million in bilateral grants, including $2.42 million in September alone. The largest contributors were China with $9.75 million, Japan with $6.16 million, and Germany with $3 million.
During the same period, bilateral loans totaled $334.8 million, driven mainly by the Saudi Oil Facility, which contributed $300 million. Other bilateral lenders included China ($9.75 million), France ($8.5 million), Japan ($6.16 million), South Korea ($4.21 million), and Germany ($3.03 million). In September, bilateral loans reached $102 million, with $100 million coming from the Saudi Oil Facility.
On the multilateral side, Pakistan received $21.53 million in grants. The International Bank for Reconstruction and Development (IBRD) provided $12.95 million, while the International Development Association (IDA) contributed $8.18 million. Multilateral foreign loans amounted to $939.28 million, led by the Islamic Development Bank ($311.43 million), IDA ($287 million), IBRD ($144.94 million), and the Asian Development Bank ($116.94 million).
In total, grants stood at $40.9 million, while overall loan disbursements reached $1.27 billion for the quarter. Investments in Naya Pakistan Certificates totaled $541.57 million, nearing the annual target of $609 million.
To stabilize foreign reserves, Pakistan maintained $9 billion in term deposits — $5 billion from Saudi Arabia and $4 billion from China.
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For FY26, the government has projected $63.72 million in multilateral grants and $4.98 billion in foreign loans, reflecting ongoing dependence on external financing to support economic recovery and fiscal stability.
