Pakistan acquires $1.5 billion as foreign assistance during 2MFY20

September 24, 2019 (MLN): Pakistan acquired nearly $1.5 billion worth of foreign assistance from multilateral, bilateral sources and Commercial banks during the first two months of FY20, signifying an increase of 108% over the same period of the previous year.

Apart from the assistance provided by groups mentioned above, Pakistan also obtained grants from countries like Japan, United Stated and United Kingdom, all of which provided assistance worth of $132.3 million.

A breakup of the funds received from bilateral sources shows that Pakistan received $158 million from China, followed by $108 million from Saudi Arabia, $81 million from United Kingdom, $16 million from Japan with, and $12 million from United States.

With respect to multilateral sources, Pakistan received the highest amount of financial assistance from Asian Development Bank with $529 million, followed by Islamic Development Bank with $285m, World Bank Group with $83 million and International Fund for Agriculture Development (IFAD) with $22 million.

Pakistan also received financial support from International Monetary Fund amounting to $1.62 billion during the said period, i.e. nearly twice of the loans received in corresponding of last year.

Copyright Mettis Link News

Posted on: 2019-09-24T11:45:00+05:00

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