PTI government seek $2.075 billion loan: Report

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PTI government seek $2.075 billion loan: Report

ISLAMABAD: The Pakistan Tehreek Insaf (PTI) government has taken Rs2.075 billion loan/grant during the first quarter of the current fiscal year (FY20).

As per the documents available with this scribe, the government has borrowed $1.9 billion from friendly countries as well as from different lending organizations.

The government borrowed $26 million from the International Bank for Reconstruction and Development (IBRD), $97 million from International Development Association (IDA), $303.68 from IDA (S-term), $0.04 million from Islamic Development Bank (IDB) and $23 million from International Fund for Agricultural Development (IFAD). Similarly, the government also has received grants from multilateral organizations such as IDB, United Nations High Commissioner for Refugees (UNHCR) and Multi-Donor Trust Fund (MDTF).

The above stated organizations have given $22 million to Pakistan in various projects. Overall, Pakistan has received $1.01 billion from multilateral organizations.

Documents further revealed that the government took a loan of up to $1.4 billion from bilateral organizations during the first quarter of FY20.

Saudi Arabia gave Pakistan $141 million short-term loan during the first quarter.

The loan taken from commercial banks stood at $514 million against the $2 billion yearly budget estimates of the finance ministry.