In the first two months of fiscal year 2024-25, Pakistan borrowed $714.74 million from a combination of multilateral and bilateral sources, as well as through the Naya Pakistan Certificate scheme. This is significantly lower than the $3.206 billion borrowed during the same period of the previous fiscal year.
A major chunk of the borrowing came from Naya Pakistan Certificates, which saw an inflow of $259.04 million, marking an 84% increase compared to the previous year. Additionally, Pakistan borrowed $292.99 million from multilateral sources and $162.70 million from bilateral lenders.
While no significant deposits were received from Saudi Arabia, China, or the UAE—countries the government had budgeted $9 billion in time deposits from—Pakistan did receive funding from other sources. The Asian Development Bank (ADB) disbursed $96.20 million, and the International Development Association (IDA) provided $147.86 million. However, expected funds from foreign commercial banks, bonds, and the Islamic Development Bank (IsDB) did not materialize during this period.
This borrowing represents a small portion of the $19.393 billion that the government aims to raise for the fiscal year, with the funds being allocated towards various development and budgetary support programs. The delay in deposits from key allies like Saudi Arabia and China adds to the fiscal challenges Pakistan is facing.
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