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Pakistan’s external financing stands at $331.6m in January

Pakistan’s external financing stands at $332.6m in February
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February 23, 2024 (MLN): The country secured external financing worth $331.59 million in January 2024 from multiple financing sources, the latest monthly report by the Economic Affairs Division (EAD) showed.

The total amount of $331.6m comprises $329.24m in loans and the remaining $2.34m in grants from various sources.

The total external financing in 7MFY24 stood at $6.307 billion against the annual budget estimates of $17.62bn for FY24.

Out of the total financing amount, the government obtained a $203.63m loan for non-project aid that includes $103.63m in the form of program/budgetary support assistance to restructure Pakistan’s economy, while the remaining $100m has been obtained for IsDB (Short-term) during the month.

Going into details made available by EAD, the disbursement from bilateral and multilateral development partners maintained a strong trend as it totaled $227.95m in January and $3.2bn during 7MFY24.

These healthy inflows also helped to improve foreign exchange reserves.

The Ministry of Economic Affairs noted that the country continued to depend on foreign commercial borrowing as it amounted to $103.63m, which was obtained through from Naya Pakistan Certificate in January 2024.

During the review period, the foreign assistance obtained by Pakistan through multilateral sources totaled nearly $166.95m in January and $2.41bn in 7MFY24.

Amongst the multilateral development partners, in January, IsDB (Short-term) provided $100m, followed by the Asian Development Bank (ADB) with $30.57m, International Development Association-World Bank (IDA) with $24.09m, the International Bank for Reconstruction and Development (IBRD) with $8.62m, and Asian Infrastructure Investment Bank (AIIB) with $4.58m.

On a cumulative basis, IDA has contributed significantly to multilateral lending, with disbursements totaling $1.06bn, followed by ADB with $620m and AIIB with $292.96m.

The total financing through Bilateral development partners stood at $61m in January and $794.61m in 7MFY24.

Pakistan received $58.88m from Saudi Arabia, followed by Japan with $1.28m, China with $7.92m, USA with $0.58m, and Germany with $0.26m during the month under review.

In 7MFY24, Saudi Arabia (Oil Facility) held the majority proportion with disbursements of $595.18m.

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Posted on: 2024-02-23T15:26:33+05:00