Pakistan faces $38 billion foreign funding challenge
*ISLAMABAD - Pakistan seeks $38 billion foreign funding to keep afloat, the International Monetary Fund has projected the need for the country in next three years. *
International Monetary Fund (IMF) loan programme seeks $38 billion in foreign funding over three years to keep Pakistan afloat.
Pakistan received $1.5 billion or Rs237 billion worth of foreign loans in first two months of the current fiscal year, higher by 108% over the same period of the previous year, aimed at meeting the country’s financing needs, Express Tribune has reported.
Bilateral and multilateral creditors and commercial banks disbursed $1.49 billion in loans in the July-August period of the fiscal year 2019-20, according to statistics compiled by the Ministry of Economic Affairs.
The disbursements were higher by $774 million or 108% compared with loans of $714 million received in July-August FY19.
In addition to loans of $1.5 billion, Pakistan also obtained $132.3 million worth of foreign grants from the United Kingdom, the United States, and Japan.