Pakistan’s external borrowing rose by 18.37 per cent during the current financial year, according to official documents.
According to details surfaced on Wednesday, the country received $5.86 billion in external financial assistance between July and February. This included $5.76 billion in new loans and $92.2 million in grants.
The volume of loans increased by $910 million compared with the same period of the previous financial year. With the inclusion of a $1 billion tranche from the International Monetary Fund (IMF), the total rose to 6.76 billion dollars.
Documents shown that Pakistan secured new borrowing at a daily average of Rs7.86 billion. The value of new loans in local currency stands at Rs1,904 billion.
Saudi Arabia rolled over $3 billion, while China extended a $1 billion rollover. During the first eight months, international financial institutions provided $2.37 billion.
An amount of $1.76 billion was raised through Naya Pakistan Certificates. The World Bank provided $722 million, while the Asian Development Bank (ADB) extended $660 million.
Moreover, the Islamic Development Bank (IsDB) provided more than $480 million in short-term financing. The International Bank for Reconstruction and Development extended over $350 million.
Friendly countries provided more than $1 billion in loans. Saudi Arabia provided $810 million, including a grant of $3.3 million. It also supplied $800 million worth of oil on deferred payment during the eight-month period.
China extended $270 million in loans, along with $72.2 million in grants.
