The country provisionally received $7.747 billion, ie, 96 percent of the budgeted estimates of foreign assistance from multilateral and bilateral donors in July-May 2017, including $2.86 billion loans from foreign commercial banks. The Economic Affairs Division (EAD) data revealed that government borrowed $1.545 billion from commercial banks in the month of May, 2017. The government had budgeted $2.005 billion from foreign commercial banks for the current financial year 2016-17, however the target was surpassed in May.

The China Development Bank (CDB) released $1 billion for budgetary support in May. Further the government borrowed $415 million from Switzerland-based financial group Credit Suisse and $130 million from Noor Bank PJSC for budgetary support in May.

The government borrowed $115 million in March from Noor Bank PJSC for budgetary support. Further $300 million was borrowed from Industrial and Commercial Bank of China Limited in January. The country borrowed $200 million from Noor Bank PJSC for budgetary support and $700 million from China Development Bank as non-project aid during September.

The government borrowed $22.64 million from Asian Infrastructure Investment Bank (AIIB) in the current financial year which was not budgeted as per the EAD data. The data shows that government borrowed $5 million from the Eco Trade Bank in February which was also not budgeted. In addition, the government issued Sukuk of one billion dollars at a 6.5 percent rate of return during the period under review.

The EAD data shows that country received $7.747 billion July-May 2017 against $6.23 billion during the same period of last year showing an increase of $1.514 billion. The government budgeted foreign assistance of $7.998 billion for 2016-17 including grants and loans against $9.18 billion budgeted for 2015-16. The country received $1.852 billion in May including $1.846 billion loans and $5.92 million grants. The latest figures show that the country provisionally received $7.354 billion loans and $393.39 million grants during the first eleven months of 2016-17.

Pakistan received $1.327 billion from China in the current fiscal year including $153.91 million in May against the budgeted $572.3 million for July-May 2017. The country received $976.43 million from China during the same period of last year. Asian Development Bank (ADB) disbursed $940.11 million in the current financial year including $25.79 million in May against the budgeted estimates of $1048.2 million for the current fiscal year ie 89 percent.

International Development Association (IDA) disbursed $543.34 million including $63.62 million in May ie 37 percent of the budgeted estimates of $1.448 billion, IDB (S-Term) disbursed $350 million, ie, 77 percent of the budgeted estimates of $452 million and USA disbursed $77.43 million including $4.6 million in May ie 69 percent of the budgeted estimates of $111.41 million.

International Bank for Reconstruction and Development (IBRD) disbursed $216.32 million including $27.64 million in May against the budgeted estimates of $62.48 million for the current fiscal year, UNHCR disbursed $0.88 million, IDB $88.63 million, Japan disbursed $48.37 million against the budgeted $77.13 million for the current fiscal year and UK released $158.59 million. EU disbursed $17.84 million in the current financial year against the budgeted estimates of $51.12 million. Multi Donor Trust Fund (MDTF) disbursed $34.50 million in July-May 2017 against the budgeted estimates of $38.59 million. The country received no assistance from France, Korea, Norway, Oman, Saudi Arabia and UNDP.

Copyright Business Recorder, 2017