ISLAMABAD: The government has received an amount of $1.813 billion in loans from multilateral and bilateral sources during the first six months of the current fiscal year, according to a release issued by the Economic Affairs Division (EAD).
The amount was borrowed from other sources as talks with the International Monetary Fund (IMF) continue to sputter since September 2018.
According to the EAD data, the break-up shows that Pakistan borrowed $835.62 million from China, and $499.44m from commercial banks to meet the resource requirement. Moreover, it also took $339.06m in loans from Asian Development Bank (ADB) and $272.46m from Islamic Development Bank during the period under review.
At the time of presenting the annual budget 2018-19, the EAD estimated $4.691bn of foreign inflows from multilateral and bilateral donors. However, the division subsequently revised the projections upwards by 20 per cent to $5.63bn owing to improve external environment. Consequently, the EAD will now have to achieve the remaining external inflows target of $3.817bn during the next six months…read more