Govt Received $494.56 Million Loans in July 2019 - Android

According to Economic Affairs Division’s (EAD) data, the government procured $494.56 million external loans on July 2019 including $173.3 million… Read More

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According to Economic Affairs Division’s (EAD) data, the government procured $494.56 million external loans on July 2019 including $173.3 million from foreign commercial banks, at high rates of return and short amortization period, which is 35 percent of the total assistance.

The country received $494.56 million foreign assistance in the first month of the current fiscal year 2019-20 compared to $468.31 million during the same period of last year.

The government has budgeted foreign assistance of $12.957 billion for the current fiscal year including $2 billion foreign commercial loans. The country received $221.82 million from multilateral and $99.43 million from bilateral in July 2019.

Breakdown

According to EAD, the government borrowed $173.3 million from foreign commercial banks compared to $70 million during the same period of last year – $123.31 million from Dubai Bank out of a total committed amount of $325 million and $50 million from a consortium of Credit Suisse out of its total commitment of $250 million in the first month of the current fiscal year.

Moreover, China disbursed $54.23 million in July including $4.67 million for the Orange Line Metro project and $49.55 million for the Havelian-Thakot Road project of China Pakistan Economic Corridor (CPEC).

The Islamic Development Bank disbursed $137.07 million in July out of the total of $1.1 billion budgeted for the current fiscal year. Asian Development Bank (ADB) disbursed $15.87 million in July out of $1.681 billion budgeted for the current fiscal year.

United Kingdom (UK) disbursed $37.18 million, IDA $41.53 million, International Fund for Agricultural Development (IFAD) $17.48 million, USA $6.04 million and Japan $1.99 million in the first month of the current fiscal year.

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