Government procures $494.56 million external loans in July: EAD


The government procured $494.56 million external loans in July including $173.3 million from foreign commercial banks, at high rates of return and short amortization period, which is 35 percent of total assistance. According to Economic Affairs Division (EAD) data released here on Friday, the country received $494.56 million foreign assistance in the first month of current fiscal year 2019-20 compared to $468.31 million during the same period of last year.

The government has budgeted foreign assistance of $12.957 billion for the current fiscal year including $2 billion foreign commercial loans. The country received $221.82 million from multilaterals and $99.43 million from bilateral in July 2019.

According to EAD, the government borrowed $173.3 million from foreign commercial banks compared to $70 million during the same period of last year, $123.31 million from Dubai Bank out of total committed amount of $325 million and $50 million from a consortium of Credit Suisse out of its total commitment of $250 million in the first month of the current fiscal year.

China disbursed $54.23 million in July including $4.67 million for the Orange Line Metro project and $49.55 million for the Havelian-Thakot Road project of China Pakistan Economic Corridor (CPEC).

The Islamic Development Bank disbursed $137.07 million in July out of the total of $1.1 billion budgeted for the current fiscal year. Asian Development Bank (ADB) disbursed $15.87 million in July out of $1.681 billion budgeted for current fiscal year. United Kingdom (UK) disbursed $37.18 million, IDA $41.53 million, International Fund for Agricultural Development (IFAD) $17.48 million, USA $6.04 million and Japan $1.99 million in the first month of current fiscal year.

Copyright Business Recorder, 2019



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