Foreign Aid to Pakistan Is Reduced by 62%

Foreign Assistance to Pakistan Is Reduced by 62%

Pakistan has for the time being received $ 2,941 million of foreign aid in the first eight months (July-February) of the current fiscal year 2018-19 compared to $ 7,608 million in the same period last year (2017-18), which is a decrease of about 62 percent.

The aid received, as counted by the Economic Affairs Division (EAD), does not include the $ 3 billion received from Saudi Arabia, $ 2.2 billion from China and $ 2 billion from the United Arab Emirates this year. other one billion dollar UAE commitments in the current fiscal year.

Foreign Assistance to Pakistan Is Reduced by 62%

Foreign Aid to Pakistan Is Reduced by 62%
Foreign Aid to Pakistan Is Reduced by 62%

The PML-N government estimates US $ 9.69bn for 2018-19, including $ 394.34m and $ 9.297bn, as shown in the EAD data.

The country received $ 11.486 billion on budgeted US $ 8.094 billion for 2017-18, including $ 3.716 billion from foreign trade banks.

EAD data show that Government led by Tehreek-e-Insaf (PTI) of Pakistan did not apply for loans to foreign commercial banks in February 2018-19. However, the country borrowed a total of US $ 499.44 million from commercial banks during the first seven months of the fiscal year, compared to $ 1,777 million over the same period last year.

Foreign Assistance to Pakistan Is Reduced by 62%
Foreign Assistance to Pakistan Is Reduced by 62%

According to the latest figures, the country has for the time being received $ 225.15 million, including $ 220.51 million in loans and $ 4.64 million in February grants.

The Asian Development Bank (ADB) paid $ 19.25 million in February. This brought the total payout to $ 376.11 million in the current fiscal year against the budgeted $ 1.38 billion for the entire period. year.

The country received $ 85.32m from China in February, increasing its total to $ 1,209bn in the current financial year from the budgeted estimate of $ 840.99m. The amount does not include the 2.2 billion loan recently received from China.

United States paid $ 51,460,000, International Development Association (IDA) $ 142,830,000, IDB (S-quarter) $ 388,820,000, UK $ 76,420,000, France $ 44,140,000, Japan $ 47,750. 000 and Germany $ 14.15 million in the current fiscal year so far.

Pakistan borrowed $ 159.5 million from Dubai Bank in October. According to EAD data on September 26, 2018, the PTI government signed a $ 160 million loan agreement, of which $ 159.5 million has been received so far. In July, Noor Bank paid $ 20m for the total $ 130m. The loan agreement was signed on 21 June 2018, ie during the interim government.

Suisse AG pays $ 50m from its $ 750m total commitment in July. This loan agreement signed during the PML-N government on May 9, 2018. However, non-commercial loans were taken in August 2018. The country received $ 170 million in September from a consortium led by Suisse AG, UBL and ABL.

According to EAD data, the $ 200 million loan agreement was signed on September 24, 2018, ie by the PTI government, but the government exceeded the figure and received $ 245 million so far. .

The previous government budgeted $ 2 billion from foreign trade banks for 2018-19-19. In December, the country received $ 25 million from the consortium led by Suisse AG, UBL and ABL, and the $ 50 million received from the consortium in November.

Finance Minister Asad Umar informed the Permanent National Assembly Finance on March 13, 2019 that the government is expecting to borrow more than the total of last year and about $ 5.6 billion in multilateral financial year underway in Umar rejected the impression that multilateral sources cut funds for Pakistan. However, the current entry indicates that the country is unlikely to reach its estimated foreign aid for the current fiscal year.

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