During the initial two months of the fiscal year 2023-24 (FY24), the nationacquired a substantial amount of $3.206 billion from a diverse array offinancial sources, in stark contrast to the mere $439.32 million borrowedduring the same period in FY23. These revelations emerge from data providedby the Economic Affairs Division (EAD). Furthermore, the data illustratesthat in August 2023, the nation received $316.14 million, contrasting withthe $252.25 million it garnered in August 2022.
Among the notable components of the $3.206 billion, a substantial $2billion was procured from Saudi Arabia under the category of time depositsin July 2023. Interestingly, the government had originally projected aninflux of $4.5 billion from foreign commercial banks for the ongoing fiscalyear, FY24; however, no funds were received under this category during Julyand August. This deviation from the budgeted estimates raises pertinentfinancial questions.
In an effort to fuel its fiscal ambitions for the current fiscal year, thegovernment had outlined an extensive budget of $17.619 billion,encompassing $17.384 billion in loans and $234.60 million in grants frommultiple financing sources. The preceding fiscal year, FY23, saw thecountry secure $10.844 billion from various financing channels, inclusiveof $2.206 billion from foreign commercial banks, notably falling short ofthe anticipated foreign assistance budgeted at $22.817 billion.Importantly, this sum did not account for the rollover of depositsamounting to $6 billion, equally distributed between China and SaudiArabia, and the refinancing of a Chinese loan standing at $1.3 billion.
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Moreover, a noteworthy development in the fiscal landscape emerged as thecountry garnered $140.82 million under the category of “Naya PakistanCertificate” during the initial two months of the fiscal year 2023-24. Thisunderscores the multifaceted nature of the nation’s financial strategy, asit navigates through various financial instruments to meet its fiscal needsand aspirations.
