PTI government foreign borrowings $1 billion lesser than PMLN government: Report
ISLAMABAD - Pakistan borrowed $1.86 billion from multilateral and bilateral donors in the first five months (July-Nov) of the current financial year 2018-19 against $2.877 billion during the same period of last year (2017-18).
The latest data from Economic Affairs Division (EAD) shows that the country provisionally received $272.39 million including $260.35 million in loans and $12.04 million in grants in November, Pro Pakistani has reported.
The PML-N government had estimated foreign assistance of $9.69 billion for 2018-19 including $394.34 million in grants and $9.297 billion in loans.
The country received $11.486 billion against the budgeted assistance of $8.094 billion for 2017-18 including $3.716 billion from foreign commercial banks.
The government borrowed $50 million from foreign commercial banks in November, bringing the total to $449.51 million under this head in the current fiscal year (July-Nov) 2018-19, compared to $1.092 billion during the same period of last year.
The previous government had budgeted estimates of $2 billion from foreign commercial banks for 2018-19. The country received $50 million from the consortium-led by Suisse AG, UBL and ABL in November.
The country had received &159.5 million in October from Dubai Bank. According to the EAD data the loan agreement of $160 million was signed on September 26, 2018 i.e. by the PTI government of which $159.5 million has been received so far.
Earlier Noor Bank disbursed $20 million in July out of the total committed amount of $130 million. The loan agreement was signed on June 21, 2018 i.e. during the caretaker government.
The Suisse AG also disbursed $50 million out of its total commitment of $750 million in July. This loan agreement was signed during the PML-N government i.e. on May 9, 2018. However, no commercial loans were taken during August 2018.
The country received $170 million in September from consortium-led by Suisse AG, UBL and ABL. According to the EAD data the loan agreement of $200 million was signed on September 24, 2018 i.e. by the PTI government, but the government has crossed the figure and received $220 million so far.
Asian Development Bank (ADB) disbursed $57.27 million in November bringing the total disbursement to $196.64 million the current year against the budgeted estimates of $1.38 billion for the entire fiscal year.
The country received $120.4 million from China in November, bringing the total to $648.55 million in the current fiscal year against the budgeted estimate of $840.99 million. This amount includes $185 million for the Orange Line Metro Project, $266.68 million for the Sukkur-Multan section of China-Pakistan Economic Corridor’s (CPEC), and $65.68 million for Havelian-Thakot road (CPEC) and $3.6 million for construction of cross border optical fiber cable system (CPEC).
USA disbursed $30.19 million, International Development Association (IDA) $84.98 million, IDB (S-Term) $272.46 million, UK 62.48 million, France $36.23 million, Japan $20.19 million and Germany $4.69 million in the current fiscal year so far.