During the first half (July-December) of the fiscal year 2023-24, Pakistan borrowed $5.968 billion from various financing sources, according to data from the Economic Affairs Division (EAD). This marks an increase from the $5.595 billion borrowed during the same period in the previous fiscal year (2022-23). In December 2023 alone, the country received $1.621 billion, compared to $478.05 million in December 2022.
The government had budgeted $2.4 billion from the International Monetary Fund (IMF) for the current fiscal year and received $1.2 billion as the first tranche of the $3 billion Stand-By Arrangement (SBA) in July 2023. However, the EAD data does not reflect these inflows, and there is no mention of the $1 billion disbursed by the UAE. If the IMF and UAE inflows are included, the total inflows during the first half of the current fiscal year would reach $8.168 billion.
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The $5.968 billion includes $2 billion received from Saudi Arabia under the head of a time deposit in July 2023. The government had budgeted estimates of $4.5 billion from foreign commercial banks and $1.5 billion from the issuance of bonds for the current fiscal year, but no money was received under these heads during the first half.
The total budgeted amount from multiple financing sources for the current fiscal year is $17.619 billion, including $17.384 billion in loans and $234.60 million in grants. The country received $491.45 million under the “Naya Pakistan Certificate” during the first half of the fiscal year.
Multilaterals disbursed $2.245 billion, and bilaterals disbursed $723.13 million during July-December 2023-24. Non-project aid amounted to $3.581 billion, including $2.636 billion for budgetary support, while project aid was $2.386 billion.
China disbursed funds for the JF-17 B project funded by China National Aero-technology Import and Export Corporation (CATIC). Asian Development Bank (ADB) disbursed $589.43 million, Saudi Arabia disbursed $595.18 million under the head of the oil facility, and the United States disbursed $25.09 million during the first half of the fiscal year. Other contributions came from Korea, France, IDA, IBRD, IsDB (Short-term), AIIB, and IFAD.
