Pakistan’s external financing hits $3.74bn in September

October 20, 2026 (MLN): Pakistan received $3.74bn in external financing in September 2026, taking cumulative inflows for the first quarter of FY27 (July-September) to $5.45bn, the latest report by the Economic Affairs Division (EAD) showed.

Disbursements from bilateral and multilateral development partners totalled $318.75m in September, taking the three-month total to $952.26m, while $2.95bn raised through international bonds was the single largest inflow of the month.

Foreign assistance through multilateral sources amounted to $303.27m in September, lifting the FY27 cumulative total to $894.17m.

Bilateral development partners contributed $15.48m in September, with their three-month total reaching $58.10m.

The International Development Association (IDA) was the leading multilateral donor in September, disbursing $120.56mn during the month and taking its FY27 cumulative total to $359.04m. The Asian Development Bank (ADB) contributed $57.79m, bringing its cumulative total to $153.55m.

The Islamic Development Bank's short-term facility, IsDB (ST), disbursed $47.18m in September, lifting its FY27 cumulative total to $238.44m. The International Bank for Reconstruction and Development (IBRD) disbursed $36.30m, taking its FY27 total to $83.79m.

The Islamic Development Bank (IDB) contributed $26.53m during the month, with its cumulative total reaching $28.27m. The Asian Infrastructure Investment Bank (AIIB) added $12.71m, lifting its cumulative total to $26.05m.

The International Fund for Agricultural Development (IFAD) contributed $1.81m in September, with its cumulative total reaching $3.87m, while the OPEC Fund disbursed $0.40m, taking its total to $1.15m.

Among bilateral donors, France disbursed $4.08m in September, its FY27 cumulative total reaching $20.00m. Saudi Arabia contributed $3.97m during the month, lifting its cumulative disbursements to $12.87m.

Germany disbursed $1.82mn in September, bringing its cumulative total to $14.69m, while Japan added $0.56m, taking its total to $2.26m. Denmark, Korea and the US recorded no disbursements in September, with their cumulative totals unchanged at $3.15m, $5.02m and $0.08mn, respectively.

China's guaranteed bilateral loan for the Chashma Nuclear Power Plant-5 (C-5) project recorded a disbursement of $158.91m in September, lifting its FY27 cumulative total to $305.53m.

Under bond holders, Pakistan received $2.95bn in September, comprising $1.73bn from the US$1.75bn 7.5% bond due 2032 and $1.22bn from the US$1.25bn 7.9% bond due 2036.

Commercial banks recorded no fresh disbursement in September, with FY27 inflows from UBL Dubai unchanged at $300mn.

Foreign commercial borrowing through the Naya Pakistan Certificate (NPC) scheme totalled $312.95m in September, comprising $118.41m under the conventional facility and $194.54m under the Islamic facility, lifting the FY27 cumulative NPC total to $942.71mn.

On a purposewise basis, non-project aid in September amounted to $3.32bn, including $3.26bn in budgetary support, $47.18mn under the IsDB short-term facility and $14.65m in programme aid, reflecting continued reliance on programme-based inflows for macroeconomic stabilisation.

Cumulatively, non-project disbursements for FY27 reached $4.54bn. Project-based disbursements stood at $415.82m in September, with a cumulative total of $907.71m for the year.

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