During the initial quarter of the current financial year, Pakistan garnered an additional $1.29 billion in external financial aid compared to the corresponding period in the previous year. The Economic Affairs Division has published a monthly report detailing the loans and grants acquired from foreign nations.
From July to September 2023, Pakistan obtained a total of $3.5273 billion from overseas sources, with $3.49 billion constituting loans and $34 million in grants, according to the report. In contrast, during the same period in the prior fiscal year, the country received $2.234 billion in foreign financial assistance.
The report highlights that in the first quarter of the ongoing financial year, Pakistan secured $2.65 billion for budget support and various projects, with an additional $874 million designated for project aid. Notably, Saudi Arabia provided a $2 billion loan in the form of time deposits, China's National Aero Technology Corporation allocated $500 million for the Pakistan Air Force, and several international financial institutions extended a $490 million loan. Furthermore, $324 million was contributed by various countries.
Overseas Pakistanis invested $204.5 million in Naya Pakistan Certificates, as per the report. It's also worth noting that Pakistan acquired over $320 million in external financial assistance in September 2023, in addition to the initial $1.2 billion tranche received from the IMF in the first quarter of the fiscal year.