Pakistan receives $3.79 billion loans and grants

Pakistan receives $3.79 billion loans and grants

ISLAMABAD - Pakistan has received more than $3 billion grants and loans from various international donors and countries during the Corona pandemic.

Various international donors, countries have pledged total of $3.794 billion budgetary support loans, project financing loans and grants during the COVID-19 pandemic, out of which more than $3 billion have so far been received, officials of the Economic Affair Division informed the Senate Standing Committee on Planning Development and Special Initiative here yesterday. The Senate committee was informed that under budgetary support loans Pakistan received a pledge of $2636 million from International Monetary Fund (IMF), Asian Development Bank (ADB) and Asian Infrastructure Investment Bank (AIIB). The entire committed amount of $2636 million under the budgetary support loans has been received and distributed.

For project financing loans World Bank, ADB, Islamic Development Bank (IDB), OPEC Fund for International Development (OFID), France (Afd) committed $1021.1 million. Pakistan has so far received only $380 million of the committed project financing loans. Islamic Development Bank(IDB), OPEC Fund for International Development (OFID) have not provided any of the pledged project financing loans so far, France (AFD) has provided $21.42 million of the pledged amount of $51.12 million, World Bank has provided $111 million of the committed $500 million.

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Under grant in aid United Nations (UN), European Union (EU), USA, Japan, ADB, China, United Kingdom (UK), Canada, South Korea, and Islamic Development Bank have pledged around $126 million. However, $73.99 million were received by Pakistan.

The committee was informed that the funds under project financing loan are being transferred to State Bank of Pakistan’s account and from there it is being disbursed to the relevant agencies.

The committee was further informed that besides loans and grants the country got a relief from G-20 countries which had deferred loan recovery of more than $2 billion from Pakistan due to the Corona pandemic. Agha Shahzeb Durrani asked that for the equipments of monitoring support and Corona control how much funds were received and where it was utilized?