Business Desk 
Nov 27, 2024
The government has secured $1.72bn in foreign loans from multilateral and bilateral creditors during the first four months of the current fiscal year, spanning July to October. This is despite the absence of international bond issuances or deposit rollovers to date.
Including the $1 billion tranche released by the International Monetary Fund (IMF) under the $7 billion Extended Fund Facility (EFF), the total foreign loans for this period have reached $2.72 billion.
However, the Economic Affairs Division (EAD) has excluded the IMF loan from its data, as it supports the balance of payments (BoP) and is recorded on the balance sheet of the State Bank of Pakistan (SBP). In the contrary, Pakistan received $4.25 billion in foreign loans during the same period in the previous fiscal year (2023–2024).
For the 2024 fiscal year, Islamabad has estimated approx $19.39 billion in foreign loans from multilateral and bilateral creditors including $4 billion from China and $5 billion from Saudi Arabia with a total of $9 billion in foreign deposits. Additionally, $1 billion from an international bond issuance.
In the first four months of the current fiscal year, Pakistan secured $259 million from bilateral creditors, according to the EAD. The contributions from these creditors include:
- China: $97.58 million
- France: $89.64 million
- Germany: $11.29 million
- Japan: $9.71 million
- South Korea: $7.59 million
- Saudi Arabia: $6.35 million
- The United States: $37.32 million
Meanwhile, multilateral creditors released $721 million in the similar period. The key contributors from multilateral sources were:
- Asian Development Bank (ADB): $173.05 million
- Asian Infrastructure Investment Bank (AIIB): $17.41 million
- World Bank (WB): $266.64 million (under IDA concessional loans) and $97.19 million (under IBRD)
- Islamic Development Bank (IsDB): $100 million (short-term loan) and $50.41 million
- International Fund for Agricultural Development (IFAD): $15.56 million
- OPEC Fund: $0.75 million
Additionally, the government received $200 million via commercial loans and $547 million through Naya Pakistan Certificates during the first four months of the ongoing fiscal year.
