Pakistan has raised a commercial loan of $300 million from UBL Dubai during the first two months of the current fiscal year. Pakistan has raised a total of $1.7 billion in foreign loans and grants from multilateral and bilateral creditors during the first two months (July and August) of the current fiscal year, against $1.37 billion during the same period of the last financial year. However, if the $3 billion generated through the Eurobond is included, the total foreign loans, including the launch of an international bond, would touch $4.7 billion in the current fiscal year so far.
According to data released by the Economic Affairs Division (EAD) on Tuesday, China provided a guarantee of $146.62 million in the current fiscal year. Bilateral creditors so far disbursed $35.23 million in foreign loans and grants during the first two months, including $12.87 million from Germany, $8.52 million from France, $8.9 million from Saudi Arabia, $3.15 million from Denmark, $1.71 million from Japan and $0.08 million from the USA. Multilateral creditors have so far disbursed $590.96 million in foreign loans during the first two months of the current fiscal year.
The World Bank disbursed the largest amount, $238.49 million, in the form of soft lending through the International Development Association (IDA), while its disbursement through the International Bank for Reconstruction and Development (IBRD) stood at $47.54 million. The Asian Development Bank has disbursed $95.76 million in the current fiscal year, while the Asian Infrastructure Investment Bank (AIIB) has disbursed $13.35 million. The Islamic Development Bank (IsDB), in the form of short-term loans, provided $191.26 million, while other loan disbursements stood at $1.75 million.
The International Fund for Agricultural Development (IFAD) and OPEC Fund have disbursed $2.06 million and $0.76 million, respectively, during the first two months of the current fiscal year. Through multilateral and bilateral international creditors, $626.19 million was disbursed cumulatively during the first two months of the current fiscal year. Through Naya Pakistan Certificates (NPCs), the country has raised $629.76 million during the first two months of the current fiscal year, of which conventional NPCs raised $182.24 million and Islamic NPCs helped raise $447.52 million.