Sunday , December 5 2021
Breaking News
Home / Breaking News / Pakistan obtains over $3,098m in loans in 1Q of FY22
Pakistan obtains over $3,098m in loans in 1Q of FY22

Pakistan obtains over $3,098m in loans in 1Q of FY22

ISLAMABAD: Pakistan has obtained $3098.06 million in loans from multilateral and commercial banks during the first three months of the current fiscal year (3MFY22).

The government has received $76.97m on a bilateral basis, $1563.55m from multilateral organisations and $457m from commercial banks.

The government has also received $106.87m grants from different countries, including the USA, Japan, Germany and multilateral organisations such as IBRD from July to September.

China remained the top country that gave $73.35m in loans while the USA transferred $27.27m including funds part of a grant to Pakistan during the period under review.

In addition, the Asian Development Bank (ADB) has also lent Pakistan $459.95m, International Development Association (IDA) $531.25m, IDA (short term) $446.31m, International Bank for Reconstruction and Development (IBRD) $111 million, and AIIB $37m loan as well as grants during this period.

Furthermore, commercial banks including Ajman Bank PJSC, Dubai, as well as SCB London gave $457.54m in loans during 3MFY22 against the total yearly budget estimate of $7,870m. The government has obtained $363.26m in 2MFY22 and $94m in September.

It is pertinent to note here that the government has estimated to obtain a $14,088m loan as well as grants from bilateral, multilateral and commercial banks in the budget FY22.