During the initial four months (July-October) of the fiscal year 2023-24, the country borrowed $3.847 billion from various financing sources, a decrease from the $4.255 billion borrowed in the same period of 2022-23, according to data from the Economic Affairs Division (EAD). In October 2023 alone, the country received $318.10 million, a notable decline from the $2.017 billion received in October 2022.
The government had budgeted $2.4 billion from the International Monetary Fund (IMF) for the fiscal year 2023-24 and received $1.2 billion as the first tranche of the $3 billion Stand-By Arrangement (SBA) in July 2023, though this is not reflected in the EAD data. Additionally, there is no mention of the $1 billion disbursed by the UAE. When accounting for these inflows, the total reaches $6.047 billion during the initial four months of the current fiscal year.
Of the $3.847 billion, $2 billion came from Saudi Arabia under the category of time deposit in July 2023. The government had budgeted estimates of $4.5 billion from foreign commercial banks for the fiscal year 2023-24, but no funds were received under this category in the first four months.
The government had also budgeted $1.5 billion from the issuance of bonds, but as of now, no bonds have been issued. The overall budget for the current fiscal year included $17.619 billion from various financing sources, comprising $17.384 billion in loans and $234.60 million in grants.
In contrast, during the fiscal year 2022-23, the country borrowed $10.844 billion from multiple financing sources, which did not include the rollover of friendly countries’ deposits amounting to $6 billion. Notably, the country received $306.26 million under the “Naya Pakistan Certificate” during the first four months of the current fiscal year.
Multilaterals contributed $597.49 million, and bilaterals contributed $435.61 million during July-October 2023-24. Non-project aid amounted to $2.855 billion, including $2.355 billion for budgetary support, while project aid totaled $992.55 million.
China disbursed $508.34 million for the JF-17 B project, and the Asian Development Bank (ADB) disbursed $87.50 million. Saudi Arabia disbursed $400 million under the oil facility, and the USA disbursed $15.10 million during the first four months. Korea and France disbursed $5.39 million and $7.49 million, respectively, during the current fiscal year.
The International Development Association (IDA) disbursed $303.43 million, the International Bank for Reconstruction and Development (IBRD) disbursed $67.28 million, the Islamic Development Bank (IsDB) (Short-term) disbursed $100 million, the Asian Infrastructure Investment Bank (AIIB) disbursed $27.86 million, and the International Fund for Agricultural Development (IFAD) disbursed $11.41 million during July-October, against their respective budgeted amounts for the current fiscal year.
