The government has exceeded the target of foreign aid for the entire financial year by almost 89%. New Pakistan certificates of Pakistanis abroad do not include foreign debt of more than 1.6 billion, the report says
ISLAMABAD – The PTI government has sacked about ً 15.4 billion in foreign exchange in the first nine months of the current financial year (July-March). According to a media report, in its monthly report on foreign economic aid, the Ministry of Economic Affairs said that it had raised Rs. During the months (July-March), it received about 12.77 billion in foreign aid, about 72 percent more than last year.
The Ministry of Economic Affairs’ month-to-month report on unfamiliar inflows shows that the public authority surpassed the unfamiliar guide focus of 89% for the whole financial year.
It does not include foreign debt of more than 1.6 billion in the new Pakistan certificates of Pakistanis living abroad as it was not reported by the Ministry of Economic Affairs, including 1 billion from the International Monetary Fund. Barring the abundance sum got in February, these two credits have been accounted for independently by the State Bank of Pakistan.
With this, the total foreign debt from external sources (excluding Pakistanis) reached 49.295 billion in almost 45 months of the PTI government, if the emergency loans of 1.4 billion in 45 months as well as more than 3 billion. If the IMF funds are also taken into account, the total foreign debt would reach. 54.767 billion.
The data from the Ministry of Economic Affairs shows that the volume of foreign debt has been increasing steadily in the last three and a half years. From 10.59 billion in 2018-19 to 10.662 billion in 2019-20 and then to .14.28 billion in 2020-201 and in the first nine months after that it was. 12.77 billion. The government relied heavily on foreign debt to cover the account deficit, and to maintain the necessary foreign exchange reserves in order to finance higher imports and earlier loans.
This is evident from the fact that in the federal budget 22-2021, the annual budget target for foreign loans was set at 14.088 billion and the government borrowed 12.77 billion in the first nine months.
A total of 14.3 billion was borrowed. There were four major sources of remittances, including 3.95 billion in multilateral lenders, followed by 3 billion in time deposits from Saudi Arabia, and about ً2.623 billion in private banks. Includes trade loans and 2.041 billion worth of international bonds.
The government received 8.88 billion in revenue for budget support including 1.2 billion in short-term credit, the report said. This brings the total non-project (non-project) aid in nine months to 10.114 billion, compared to the full-year target. 12.16 billion, which means that more than 80% of the total debt comes from oil imports, budget financing, and Acquired on reserve for foreign exchange.
About 1.82 billion was set aside for various foreign-funded projects and about 832 million for public guaranteed loans. In addition, the government raised 2.623 billion in commercial loans from international banks against its full-year budget target of 4.87 billion, of which 2.04 billion was raised through international bonds. Dubai Bank found favored financier, providing more than 1.14 billion in short-term loans out of 2.6 billion