Further, contrary to the past practices, the EAD data does not mention from which commercial banks the $900 million was borrowed.
The country received $1.166 billion from the International Monetary Fund (IMF) during the first eight months (July-February) of 2022-23. Contrary to past practices, the EAD has also listed the loans taken from the IMF. If the IMF loan is excluded, then the country received $6.241 billion during the first eight months of the current fiscal year compared to $12.178 billion during the same period of the last fiscal year, indicating the slowdown in inflows.
The government procured $1.271 billion in external loans in February 2023. The country received $538.42 million under the head of the “Naya Pakistan Certificate” during the first eight months of the current fiscal year including $72.07 million in February 2023.
The government has budgeted foreign assistance of $22.817 billion for the current fiscal year including $7.5 billion foreign commercial banks.
The country received $3.852 billion from multilaterals, $949.66 million from bilateral and $1.166 billion from IMF during July-February 2022-23. The non-project aid was $6.084 billion including $5.124 billion for budgetary support and project aid was $1.322 billion.
The Asian Development Bank (ADB) disbursed $1.929 billion during the period under review compared to the budgeted $3.202 billion for the entire fiscal year. ADB disbursed $12.85 million in February 2023.
China disbursed $54.93 million in during the first quarter against the government budgeted estimates of $49.02 million for the current fiscal year, however, no money was received in October, November, December, January and February. Saudi Arabia disbursed $782.28 million against the budgeted $800 million. The USA disbursed $20.83 million during the period under review against the budgeted $32.49 million for the current fiscal year. Korea disbursed $19.79 million and France $27.36 million during the first eight months of the current fiscal year.
The IDA $1.019 billion against the budgeted $1.4 billion during the first eight months including $338.63 including in February, IBRD $135.02 million against the budgeted $1.246 billion and Islamic Development Bank disbursed $16.81 million against the budgeted $3.38 million for the current financial year. The IsDB (Short-term) disbursed $161 million in the current fiscal year. The AIIB disbursed $539.02 million in the current fiscal year so far.