On top of $1bn from IMF, Pakistan gets $1.3bn loans in first quarter

ISLAMABAD: Without incorporating a $1 billion tranche disbursement from the IMF, Pakistan has received $1.3 billion in foreign loans from multilateral and bilateral creditors during the first quarter (July-September) period of the current fiscal year 2024-25.

Pakistan has resumed commercial financing and so far secured $200 million during the first quarter of the current fiscal year. Islamabad could not launch any international bond despite making a $1 billion projection for the ongoing fiscal year. Through the Naya Pakistan Certificate, the country fetched $374 million in the first three months of the current fiscal year.

Meanwhile, against the target to secure $19.4 billion as foreign loans, Islamabad could only secure $1.3 billion in the first three months of the ongoing fiscal. The IMF has already disbursed $1 billion under the $7 billion Extended Fund Facility and if incorporated the total foreign loans would stand at $2.3 billion in the first quarter of the current fiscal year. The IMF support is calculated as the balance of payment support shown in the SBP book.

The official data released by the Economic Affairs Division shows that the total disbursement of foreign loans stood at $1.3 billion, including $492.96 million from multilateral creditors such as the World Bank, ADB, IsDB, AIIB and others. Pakistan has received foreign loans of $250.29 million from bilateral creditors during the first quarter of the current fiscal year.