Despite All Claims Govt Receives $709 Million in Loans & Aid in First Two Months of FY17-18

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Pakistan has already provisionally received $709.22 million, including $253 million in commercial loans, of budget estimates of foreign assistance from multilateral and bilateral donors in the first two months (July-August) of the current fiscal year 2017-18.

Economic Affairs Division (EAD) has released foreign assistance data for July and August, according to which the country received $274.95 million in July and $434.27 million in August mainly because of the $253 million in commercial loans from Citi Bank as a non-project aid.

The government has budgeted $1 billion from commercial banks for 2017-18 against $2.05 billion for 2016-17 – even though at the end of the year government borrowed $4.367 billion loans from foreign commercial banks

Government has estimated foreign assistance of $8.094 billion for 2017-18 including $7.692 billion loans and $401.78 million grants.

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China has disbursed $100.58 million in the current fiscal year (July-August) 2017-18 against the budgeted $1.595 billion. China has released the amount for Sukkur-Multan Motorway under the China Pakistan Economic Corridor (CPEC) framework.

Asian Development Bank has disbursed $78.92 million in the first two months of the current fiscal year 2017-18 against the budgeted estimates of $1.221 billion, International Bank for Reconstruction and Development (IBRD) $52.99 million against the estimated $60.65 million, IDB(S-Term) $76.77 million against the estimated $1.550 billion, Asian Infrastructure Investment Bank (AIIB) $4.36 million, International Development Association (IDA) $47.71 million against $975.27 million, Islamic Development Bank (IDB) $6.76 million, UK released $53.21 million under the head of grant, and USA released $13.27 million in the current fiscal year 2017-18 against the budgeted estimates of $117.56 million.

The government has received no assistance from EU, ItalyJapanKoreaNorwaySaudi Arabia and UNDP during the first two months of the current fiscal year 2017-18.

Originally Published on ProPakistani.com

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