Pakistan borrows $495 million in a month.
Byline: Imran Ali Kundi
ISLAMABAD -- Pakistan has made $495 million foreign borrowing from multilateral and bilateral sources during the month of July 2018. The country has borrowed $99.43 million from bilateral sources, $221.83 million from multilateral and $173.3 million from the commercial banks during the first month of the current fiscal year. The latest data of Economic Affairs Division showed that Pakistan had borrowed $494.56 million in last month. The government had projected to borrow $13 billion from foreign sources during ongoing fiscal year.
In banking sources, the government had borrowed $173.3 million loans from Dubai Bank and a consortium of Credit Suisse. The government had projected to borrow $2 billion from commercial banks during current fiscal year.
In bilateral sources, Pakistan has borrowed $54.24 million from China. UK has given $37.18 million and USA has provided loan of $6.04 million to Pakistan during July 2019. In multilateral sources, the Islamic Development Bank disbursed $137 million under the oil credit facility out of the total of $551 million. The Asian Development Bank disbursed $15.8 million last month. ADB already approved $500 million in programme loan and the amount will be reflected in August data. The World Bank released $41.5 million last month.