Pakistan faces $38 billion foreign funding challenge

Pakistan faces $38 billion foreign funding challenge
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*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.

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