Pak receives $83m less external loans in five months: Report

Pakistan received $ 830 million less in external financial assistance and grants from July to November as compared to the same period last year, reported the 24NewsHd TV channel.  

According to a report released by the Ministry of Economic Affairs,  

Pakistan secured funds amounting to $4.28 billion in external financing from July to November in the current fiscal year.

This marks a decrease from the corresponding period last year when funds worth $5.11 billion were acquired.

In contrast to the same period last year, November saw a notable reduction of $43 million in external loans and grants.

Breaking down the figures for November 2023, the report indicates that the country received $42 million in external loans and grants, a decrease from the $85 million obtained in November 2022.

The report further said that Saudi Arabia gave a loan of $2 billion to Pakistan in the form of time deposits.

 During this period, the Saudi oil facility rented oil worth $50 million, funds from friendly nations totaled $58 million, and aid agencies contributed $78 million.

Additionally, under the New Pakistan Certificate program, the country received $40 million, while the Asian Development Bank extended $12 million, and the Islamic Development Bank contributed $40 million from July to November.

This assistance is besides the first tranche of $1.2 billion received from the IMF in the first quarter of the fiscal year.

Pakistan expects to receive more than $17.38 billion in external financial assistance in the current financial year, the report revealed.

Reporter: Waqas Azeem