External financing rises in first half of fiscal year 2023-24
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According to a report released by the Ministry of Economic Affairs, Pakistan received $5.07 billion in external financing from July to December 2023, an increase of $370 million compared to the same period last year, reported 24NewsHD TV channel Thursday.
The report said that the external financing comprised foreign loans and grants from various sources, including international financial institutions, bilateral partners and commercial banks.
The report also said that Pakistan secured a safe deposit of $2 billion in the first six months of the current fiscal year, which helped boost the country's foreign exchange reserves.
The major sources of external financing in the first half of the fiscal year were the World Bank, the Asian Development Bank, the Islamic Development Bank, China and Saudi Arabia.
The report said that Pakistan borrowed $2.245 billion from international financial institutions, $595.1 million worth of oil from Saudi Arabia and $1.62 billion in December 2023 alone.
The report estimated that Pakistan would need $17.62 billion in external financing for the entire fiscal year 2023-24.